9757The intellectual property (IP) associated with a business name or system can be one of its most valuable assets – but only if it is properly protected. Any business that wishes to establish a national or international identity should take steps to protect the use of its name, logo or other IP, such as patent rights, formulae/processes, designs, trademarks, franchises, licence agreements, “know-how” and copyrights.

9756Singapore’s legal framework for IP protection is recognised internationally. In the 2013-2014 Global Competitiveness Report, the World Economic Forum rated Singapore as having the best IP protection regime in Asia. Companies in Singapore are offered generous incentives to register their IP. Under the Productivity and Innovation Credit Scheme, subject to certain conditions and expenditure limits, companies are entitled to a 400% tax deduction for the costs of registration of IP, which include both registry and or professional fees, in or outside Singapore.