Last year, the Cayman Islands Intellectual Property Office (CIIPO) saw the highest level of trade mark protection in the country ever.
As of December 2022, CIIPO had approved 568 registrations for company brands in the Cayman Islands. That figure surpassed the previous high of 510 trade mark registrations in 2019. These registrations were mostly for international companies and goods that conduct business in and through the Islands.
“Last year we saw our highest registration total yet and we anticipate further growth in 2023 and a new top mark to be set,” CIIPO Director Candace Westby said. “I believe more and more businesses are understanding that they can safeguard their brand in the Cayman Islands.”
In addition to trade marks, there were 207 registrations for patents (i.e. inventions) and 14 registrations for design rights (which cover the look and shape of creations).
The increase in trade mark registrations resulted in an overall boost to Cayman Islands Government revenue. In 2022, IP-related registrations amounted to approximately CI$2.1 million, which is a 16.67 per cent increase over the 2021 figure of roughly CI$1.8 million.
CIIPO was established in May 2016 to register intellectual property (IP), which are creations of the mind, as it needs to be recorded as part of its legal protection. CIIPO also provides information locally and globally about Cayman’s full range of IP protection.
During Q4 2022, for example, CIIPO held several information sessions with local private and public sector entities including Cayman Enterprise City, Cayman Islands Customs and Border Control, the Cayman Islands Business Development Centre and InvestCayman.
“Our ability to protect so many corporate brands is a significant milestone and a testament to the strength and appeal of our IP regime,” Minister for Financial Services and Commerce, the Hon. André Ebanks said. “We look forward to the continued growth of our IP sector, particularly as we consider further enhancements and innovations to our IP regime later this year.”