Cayman’s trademark law is set to be undergo an update that could see the removal of fees in a bid to support Caymanian entrepreneurs and creatives.
Deputy Premier and Minister of Financial Services and Commerce André Ebanks, in a statement on Wednesday, said Cabinet has approved drafting instructions to amend the Trade Marks Act, 2016 and the Trade Marks Regulations, 2017 “with the expressed aim of benefiting Caymanian entrepreneurs and creatives”.
Ebanks said it is the government’s intention to have draft amendment legislation produced before the end of this year.
“I encourage our Caymanian creators and business owners, in particular, to watch this space and participate in consultative initiatives our Ministry or CIIPO [Cayman Islands Intellectual Property Office] may offer in due course. We want you included from draft bill to (hopefully) passage in the Parliament,” Ebanks said.
When the original trademark law kicked in, the Department of Tourism and Cayman Airways, which filed to protect the Sir Turtle logo, were the first to brand under the legislation in 2017.
The proposed changes, the statement said, will make it simpler for individuals and companies to protect their intellectual property.
“Micro and small business owners will no longer be required to pay CI$200 registration fee and the CI$200 annual renewal fee,” the statement said of the proposed changes.
The suggestions also include a provision that individuals as well as micro and small business owners will no longer be required to employ a registered agent to register a trademark.
“These proposed changes will seek to modernise the current legislation and 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,” the statement added.
The proposed changes follows on a commitment made by Ebanks in a World Intellectual Property Day Message “to make it simpler and more affordable for individuals and smaller businesses to protect their IP rights”.
In 2022, IP-related registrations amounted to approximately $2.1 million, which was a 16.67% increase over the 2021 figure of roughly $1.8 million.
As of December 2022, CIIPO had approved 568 registrations for company brands in the Cayman Islands.
Data from last year’s registrations has been requested.
