Key Trademark Considerations For Financial Services Brands

Conducting trademark registration in the UAE is essential for the financial services industry to create a robust brand reputation among the public. Branding is important for the sector to beat the competitors as the sector enjoys strong demand in the UAE. Access to financial services is critical for all strata of the society including investors, entrepreneurs, youngsters and even people nearing retirement.

In such a situation people will opt for the companies that provide reliable financial services in the country. Here emerges a strong need for protecting the brand name, logos and slogans through trademark registration in the UAE. You may hire the best trademark agents in the UAE to make the process hassle-free. The below article details the key trademark considerations for the financial services industry:

Select a Strong Brand Name

One of the first things you must do to secure your financial services brand is to select a strong trademark. The strength of a trademark depends upon the distinctiveness of the brand name. Your trademark should not contain a term that is descriptive. For example, it would be difficult to register a brand name ‘loans & savings’ for a lender as it directly describes the services. You can instead try fanciful words as trademarks to gain more protection for your brand. UAE trademark agents can help you assess the strength of your marks.

Conduct a Trademark Search

Once you develop a strong trademark, it’s time to ensure whether or not the brand name is available for trademark registration in the UAE. Trademark agents in the UAE will conduct a trademark search on your behalf to see whether someone else has already registered or applied for a trademark that is confusingly similar to yours. Conducting a trademark search in the UAE is not mandatory but you are advised to carry out searches to avoid trademark opposition from other trademark owners. If an opposition is found to have merit, your application may get rejected.

Select Appropriate Trademark Classes

Just like any other brands, financial services companies must also file their brand names under proper trademark classes as per the NICE Classification of goods and services. This system allows you to properly classify the services your proposed trademark represents. It is important to file the trademarks under relevant classes and under multiple classes. Failing to do so will lead to creating brand confusion among consumers if a competitor files a confusingly similar mark under the relevant classes. The new UAE trademark law (Federal Law No 36 of 2021), which took effect on 2nd January 2022, allows the brand owners to perform multi-class filings.

Properly File the Trademark Applications

Once you are ready with all the prerequisites, you can file an application with the UAE Trademark Office. Foreigners are required to file their applications only through trademark agents in the UAE.  The registrar will examine your applications based on the UAE Trademark Law and standard procedures followed by the Trademark office. If everything goes well, the registrar will accept your trademark application in the UAE.

Trademark Applications under Madrid Protocol

UAE financial services providers with an international presence or those planning to expand into multiple countries can apply for trademark protection through the Madrid Protocol for international trademark registration. The UAE has become a member of the Madrid Protocol on 28th September 2021, which allows brand owners to seek trademark protection in more than 120 countries that are party to the Madrid Protocol administered by the World Intellectual Property Organisation (WIPO). It’s a cost-effective method as the brand owners can obtain trademark protection in multiple jurisdictions through a single filing, a single language and a single set of fees.

Why Should Financial Services Register a Trademark?

Regardless of the size of the firm, it is critical for financial services providers to protect their name and reputation through trademark registration in the UAE. You must protect your brand name, logo and slogan to avoid confusion and potential business loss to other firms who offer similar services under a similar name – intentionally or not. Without trademark protection, your competitors may get a free ride on the reputation and value of your brand.

By creating a brand similar to yours, your competitors will snatch a major portion of your customers and revenues. You may also face the risk of damaging the brand’s reputation. However, you can move legally against such infringers if you have already registered your trademark in the UAE. Getting started with a trademark for your financial services firm becomes easier with the help of the best trademark agents in the UAE.

Hire the Top Trademark Agents in the United Arab Emirates

Given the critical role of financial services providers in the country, it is imperative for them to protect their brand through trademark registration in the UAE. However, it is mandatory for foreign applicants to register their brands through trademark agents in the UAE such as Jitendra Intellectual Property (JIP). We undertake all kinds of trademark services in the UAE including trademark registration, trademark search, trademark renewal and registration as per the Madrid Protocol. Our experienced IP professionals can help you avoid costly mistakes and register your trademarks correctly with the UAE Trademark Office.

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