Posted December 06, 2018 13:17:18 The Federal Government is expected to introduce legislation next week to allow trademark applications made by overseas businesses in Australia.
Key points:A new law will allow overseas businesses to apply to register their trademarkThe law will require companies to disclose their financial position and the cost of the trademark applicationsIt will apply to applications made to register and register trademarks that were granted to Australia by overseas countriesThe new law was expected to come into effect in early 2018.
In response to a public outcry, the Federal Government announced it was introducing a new law to allow overseas business to apply as of December 11.
“The Government is determined to ensure that businesses that are overseas have the best possible access to the global marketplace and that their trademarks are properly registered,” a Government spokesperson said.
“As we take the necessary steps to address the challenge of international trademark protection, we have also introduced the FLS Act.
This legislation will provide a clearer framework for overseas businesses who wish to register a trademark and will apply for the right to register trademarks on behalf of their Australian business.”
Foreign owned companies are the main beneficiaries of the FLSE.
Under the new law, an overseas business will need to register an Australian trademark with the Department of Trade and Industry and submit the application for a registered trademark to the Office of the Trademark Registrar.
This will require a company to report its financial position, including any costs related to the trademark application.
If the company is not able to meet the cost to register the trademark within a prescribed time period, it will be deemed to have failed to comply with the requirements of the law.
Foreign businesses can apply for up to six registered trademarks to be applied for and for up, or two registered trademarks for up from one to six companies.
The Government says that it will require overseas companies to provide the following information to the office of the registration officer:The total number of registered trademarks;The total cost of registering the trademark;The number of companies that are registered under the trademark in question;The financial condition of the company and the name of the owner(s) of the business.
Foreign owned businesses can only register their trademarks in their home country.
A company cannot register a foreign trademark in another country if it is not registered with the office for the country in which the company operates.
Foreign companies must also be registered with Australian trade body ANZAC and provide the Department with details of the Australian trading activities in each country they operate.
The Federal Government will introduce a draft bill to implement the new provisions, with a public consultation on the bill due to take place by the end of January.