On 31 March 2020, the UAE Ministry of Economy announced a significant reduction in the official fees for 26 different trademark services, pursuant to UAE Cabinet Resolution No. 20 of 2020. The fee reductions have come into effect on 5 April 2020. This is the second year in a row that the Ministry of Economy has reduced its fees, with the last reduction announced pursuant to Cabinet Decree No. 15 of 2019, and is in…
The Dubai International Financial Centre Authority has enacted a new IP law aimed at fostering innovation and improving the protection and enforcement of IP rights. On 21 November 2019, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, enacted a new Intellectual Property Law (Law No. 4 of 2019, the DIFC IP Law).
Cabinet Decision No. 51 of 2019 (issued on 4 July 2019 and published on 7 July 2019), introduces a new fee and fine structure, whereby fees for over 100 services will be cancelled, and those of eight services will be reduced by up to 50%. This is welcome news for brand owners, whose fees have now been reduced by up to 50%, particularly those considering trade mark registration in the UAE.
The key impact of the Resolution is the obligation of companies carrying out relevant activities to meet the specified Economic Substance requirements and to conduct annual compliance reporting. Non-compliant companies could risk fines and penalties, suspension, withdrawal or non-renewal of licenses, and the disclosure of their position to other foreign authorities. Companies in the UAE carrying out the relevant activities must file their first report within 12 months from the end of their fiscal year.