To ensure your competitive advantage and safeguard yourself against imitation, you must go through trademark registration in Peru if you intend to introduce a product or brand to the Peruvian market.
This procedure and many other facets of market access and ongoing activities in the nation, such as company creation and visa processing, may be assisted by your corporate lawyer in Peru.
Despite the economic setback caused by the global COVID-19 epidemic, Peru remains a preferred location for international investment. According to a recent forecast by the World Bank, the country’s gross domestic product (GDP) will increase by 11.3% in 2021.
The nation is well-known for producing gold, copper, and other metals agricultural products. It also has a burgeoning professional services industry, which in 2019 contributed more than 54% of GDP.
A considerable reduction from the year before the pandemic struck, Peru’s GDP was recorded at $202.01 billion (all values in USD) in 2020. Despite this decline, Peru’s GDP remains the sixth-largest economy in Latin America and the Caribbean.
Notably, foreign direct investment (FDI) as a proportion of GDP has increased over the past several years, going from 1.57% of GDP in 2000 to 3.89% of GDP in 2019, indicating the growing interest that international capital has in the nation.
In addition to being a central hub for commerce, Peru is a founding member of the Pacific Alliance. This ten-year-old economic alliance also includes Chile, Colombia, and Mexico and is vying to expand into Asia-Pacific.
It also participates in the Andean Community of Nations (CAN), a group of nations in the area that aims to remove trade restrictions and consists of Bolivia, Colombia, and Ecuador.
A freedom of movement law that might be advantageous to resident enterprises in all of the member states was presented by CAN in August. In the meanwhile, the group earlier this month unveiled a regional trademark database that would include intellectual property from all four countries.
If you’re eager to finish trademark registration in Peru, keep reading to learn why it’s crucial and to get a step-by-step walkthrough of the procedure.
Alternatively, you might reach out to us right now to learn more about how we can help you conduct business.
Why do you need to protect your intellectual property in Peru?
Registering your trademark in Peru gives you the only right to use your company name or product, keeping your market advantage.
This gives you the exclusive authority to assign your rights to third parties and the power to sue any business attempting to appropriate your ideas or copy them.
The National Institute for the Defense of Competition and Intellectual Property (INDECOPI) oversees trademark registration in Peru.
- Geographical indications.
Failure to protect your intellectual property might lead to rivals copying or even registering a trademark that threatens your ability to continue using a particular brand or selling a specific product.
How to complete trademark registration in Peru?
You must follow the next five steps to complete trademark registration in Peru.
- Conduct a trademark search
To create your application and modify it appropriately, you must first determine whether another business is currently selling a product or brand that is comparable to the one you wish to register.
- Submit the application form to INDECOPI
Three copies of the form must be filled out, and INDECOPI will get two of them. That application will be examined throughout the following month, and if more data or evidence is required, it will be asked.
- Respond to challenges
Your application must be publicized as a part of the trademark registration procedure in Peru for anybody to file an objection or counterclaim about the trademark you seek to register. You must be ready to defend your application in the case of a good opposition.
- Respond to refusal notice
Even without a challenge, IDECOPI reserves the right to reject your request for trademark registration in Peru and will explain its decision to you. If that happens, you’ll have 15 working days to react to the rejection and resubmit your application. You will have 30 working days to react if a challenge is raised.
- Renew your trademark registration in Peru
Once approved, your trademark will be valid for 10 years, but you must renew your registration to keep your intellectual property protected after that time.