Any business in development, as we already know, involves many expenses. One thing we are going to repeat over and over and should be considered as essential is: before investing money in any advertising/marketing campaign, the first basic step is to evaluate and register the trademark representing our business.
Due to the great interest about Latin America’s economies and the numerous inquiries we receive, we are going to issue of practicality: how much it costs to register a trademark in Bolivia.
Because of the economic crisis, we are facing a big European capitals escape, especially from Spain, towards LATAM regions which are addressing the current financial uncertainty by increasing their internal and regional markets.
Recently, the Economic Commission for Latin America and the Caribbean (ECLAC) has placed Bolivia as the leader growing country in South America: a fact that makes it an attractive investment focus.
The first step that a company wishing to export to this region should consider is to evaluate the viability of protecting its trademark in Bolivia.
Here comes into play the key role of an official Patent and Trademark agency for a proper trademark registration in Bolivia. There are several reasons, among which:
- The knowledge of how to locate and evaluate the existence of prior rights might be vital for the success of the trademark registration in the region of interest.
- A proper classification if the services or products (through the Nice International Classification) for which the trademark is willed to be registered, is also vital for the creation strategy of a strong trademark.
How much does it costs to register a trademark in Bolivia? The numbers.
Before talking about costs, it might be good to remember that a registered trademark in Bolivia has a term of 10 years, renewable for equal periods of time.
The cost of a trademark application in Bolivia, considering globally official and professional fees for the proper management and monitoring of the file is around € 1,200. This amount varies depending on the fees charged by each professional, as well as the number of classes required in each case.
Obviously, we recall that this amount includes both official fees and professional fees of the legal representative who advises, manages and monitors the file and whose intervention is essential to all non-residents in Bolivia.
In any case, the costs of registration of a trademark in Bolivia are a good investment for the future, because:
- As we discussed, the registered trademark is valid for 10 years, and especially,
- It represent the security to sell in total confidence without incurring in violation of previous rights, also
- Knowing that our business is protected from any copy by third parties,
- A registered trademark gives us the opportunity to licence its use in exchange for financial compensation.
Do you need to register a trademark in Bolivia?