The New Year has started on a positive note for many foreign entities that will now be entitled to obtain speedy examination and even grant of patents. This will now be possible due to the recent amendment to the Patent Rules, 2003, notified by the Department of Industrial Policy and Promotion. The new amendment allows foreign entities to apply a patent application, upon the payment of lower official fees, apply for expedited examination, provided they fulfil the following conditions:
– The Company has been incorporated less than five years since the date of patent application;
– The turnover of the Company for any of the financial years, since its incorporation does not exceed twenty five crores (USD 4 million approx.); and
– Submission of a declaration from an authorized representative of the Company stating that the Company fulfils the two abovementioned conditions.
This amendment will now permit foreign companies to obtain benefits similar to Indian start-ups such. This may also be a step to further improve the ease of doing business India for some foreign entities which in turn may also reflect as a surge in foreign investments in India.
This amendment came into effect from 1st December, 2017.