Business Trade Secrets in Dubai
If you are planning to start a business in the United Arab Emirates then definitely you need to think about Dubai. Dubai is one of the most favorable destinations for business in the world. Now a day Dubai developed and attracting many business owners and entrepreneurs from all over the world. Although the demand for the business setup is increasing day by day. Dubai government also providing full service to the business investors to set up their own business in Dubai and grow themselves as well as the economy of Dubai. With the increase in business demands necessary to IPR law is also optimum. Intellectual property laws are important for the good governance of the business sector in every country, especially well developed like the United Arab Emirates.
Intellectual Property Law in Dubai
Intellectual property law governs the rights of individuals and business organizations. Intellectual property is a product which governs the human intellect including, brands, product, symbols, songs, industrial design, and creative idea. The idea of Intellectual property law came into force in the 1971 Federal Law regime.
Business Trade Secrets in Dubai, UAE
Business trade secrets in Dubai is a term that has emerged recently. It is a type of intellectual property to important or valuable information. It’s intellectual property in the form of practice, instrument, formula, secret, unique design, or a pattern. In general terms, it is also a type of information related to a business, brand, or organization that cannot be reasonably ascertainable by others publically. Such kind of information is of the utmost value to such respective organizations. In other words, a trade secret is also called the driver of innovation. The United Arab Emirates law recognizes a major range of intellectual property rights, which have a major similarity between the USA, UK as well as European law. The United Arab Emirates government also has signed many conventions such as the Madrid Convention, WTO TRIPS, and many others. The Federal Ministry of Economy governs intellectual property registration.
Also Read: Complete Guide Intellectual Property in UAE
The United Arab Emirates companies law that comes into force on 1 July 2015 provides the provision containing “Disclosure of Company Secrets” under section 369. The United Arab Emirates has already many trade secret provisions and misappropriation of the information. Hence, the United Arab Emirates laws provide major regulations for the infringement as well as registration. The following types of trade secrets are provided by the Federal Law Number 31 of 2006:
- Company manuals
- Company programs
- Client identities
- Manufacturing process
- Product ingredients
- Technical information
- Strategic plans etc.
Trade Secret Audit
Audit implies the reviewing as well as the scrutiny of the company, wherein the major purpose is to assure complete organizational management. In a general sense, it means to assure that all the compliance, business processes as well as strategies are regularly implemented and are provided for in the organization.
The essential requirement of a trade secret audit includes:
- Trade secret policies and procedures
- Trade secret valuation
- Trade secret portfolio
The above-mentioned documents should be successfully provided for after which the process of a trade secret will begin:
- Planning the reforms
- Communicating the said reforms
- Initiating personal interview session
- Reporting the reforms
- Analyzing the data
- Gathering all the information in relation to the reforms and other such data involved.
Infringement of Trade Secret
The violation of a trade secret is known as the misappropriation of a trade secret. When anyone deliberately discloses a trade secret, it involves severe fines and punishment under the UAE law.
Advantages of Availing Trade Secrets Services
Business trade secrets in Dubai services are actually important for an organization. By getting these services to form an expert agency, you can gain major benefits. Some of the advantages of availing the services of a trade secret service provider are:
- Enhancing the competitiveness of the organization
- Easing the legal as well as other paperwork formalities
- Innovation and formulas can actually be fetched up with the help of the expert.
- Getting immediate action.
- Gaining knowledge in relation to the current market trends as well as intellectual property laws and regulations.
An organization should be well versed with all the major reforms and regulations in relation to intellectual property rights. Trade secrets are essential intellectual property whereby you will be able to protect and secure your creation legally. In this running business environment, wherein everyone wants to be at the top. An organization should be ensured with the trade secret for the particular activity they are implementing. We at Al Raqeem provides you with solutions for all your business needs. Our experts will help you in availing of the copyright services accordingly. For any type of queries, contact us. we would be happy to assist you.