Singapore lowers filing fees for intellectual property protection, said the Intellectual Property Office of Singapore (IPOS) in a statement on Wednesday.
The promulgation, which will take effect from April 1, aims to drive innovation in Singapore and allows businesses and entrepreneurs to enjoy substantial cost savings when they file for patent and trade mark protection with the IPOS.
IPOS said brand owners applying for trade marks using a pre-approved list of goods and services will be able to enjoy a substantial 30 percent discount.
Patent owners who are willing to offer their patents for licensing will also continue to enjoy a 50 percent discount in patent renewal fees, according to the statement.
Chief Executive of IPOS Daren Tang said that the fee revisions make it easier and cheaper for companies to protect their brands and technology.
"We hope that more of our creative enterprises and inventors will be encouraged by these changes to have a strong foundation for taking their ideas to the world," Tang added.