The Cayman Islands’ government approved drafting instructions to modernise the Trade Marks Act 2016 and the Trade Marks Regulations 2017 to make it more inclusive and aligned with international best practices for the registration and protection of intellectual property (IP) rights administered by the Cayman Islands Intellectual Property Office (CIIPO).
The proposed changes, which are aimed primarily at Caymanian entrepreneurs and creatives, will make it simpler for individuals/companies to protect their IP by removing the requirement for:
· Individuals, as well as micro and small business owners, to employ a registered agent to register a trademark.
· Micro and small business owners to pay the KYD200 registration fee and the KYD200 annual renewal fee.
This proposal reflects the commitment made by the, during his World Intellectual Property Day Message to make it simpler and more affordable for individuals and smaller businesses to protect their IP rights.
“It is the government’s intention to have draft amendment legislation produced before the end of this year,” said Deputy Premier and Minister of Financial Services and Commerce André Ebanks.