IP Protection in Cyprus
The protection of IP rights is deal with extensively in Cyprus. There is a comprehensive system in place that guarantees that the results of innovation and creativity are protected both at the European and International levels.
The Intellectual Property Law of Cyprus covers a wide range of processes, ideas, and inventions. It protects creators, owners, and authors from transgression and consumers who rely on the safety, reliability, and authenticity of products. So, what laws govern intellectual property rights, and what types of intellectual property exist?
As far as patents are concerned, a new invention is protected in any of the following ways in Cyprus:
- A national patent certificate is granted by the Department of Registrar of Companies and Official Receiver.
- A European Patent certificate is issued by the European Patent Office.
- An International Patent certificate under the provisions of the Patent Cooperation Treaty, administered by the World Intellectual Property Organization (WIPO).
As far as Trademarks / Service Marks and Designs are concerned, protection is granted in the following ways:
- Registration under the provisions of Capital 268 offering protection at a National level.
- EU Regulation 207/2009 of 26 February 2009 on the Community Trademark and EU Regulation 6/2002 of 12 December 2001 on the Community Design offer via Cyprus uniform protection throughout the territory of the European Union.
- Cyprus is a signatory to the Paris Treaty on the Protection of Industrial Property, as administered by WIPO and a party to the Madrid Protocol, offers global protection of trademarks, service marks and designs.
- Copyrights are protected under Law N.59/76 on the Protection of Intellectual Property which offers protection at a National level.
- Cyprus, is a signatory to the Bern Convention for the Protection of Literary and Artistic Works, which covers a broad range of rights, including software copyrights. This guarantees protection to all the Convention member states with no further action being required. Tax Benefits The above is complemented with the beneficial tax provisions that render the Cyprus tax system as one of the most favorable in the EU, featuring a 12.5% corporate tax rate, no withholding tax on outgoing payments (interest, dividends, royalties) and no exit taxes.
Cyprus offers an extensive double tax treaty network that ensures withholding tax optimization on incoming royalty payments that may arise from the contemplated IP arrangements and guarantees access to all EU Tax Directives.
Cyprus generally open to new ideas, and there are few restrictions on development. Furthermore, business people are encouraged to develop and invest in innovative products and services. In addition, Cyprus offers tax incentives to promote the development of novel products and services, strengthening the Cypriot entrepreneurial ecosystem.
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