(CNS): The Cayman Islands Intellectual Property Office (CIIPO) saw record-breaking levels of trademark business last year after it approved 568 registrations for company brands. That figure surpassed the previous high of 510 trademark registrations in 2019. There were also 207 registrations for patents and 14 registrations for design rights. The increase in business resulted in about CI$2.1 million in fees for the government, a more than 16% increase over the 2021 figure of roughly CI$1.8 million. The business came mostly from international companies and goods that conduct business in and through the Islands.

“Last year we saw our highest registration total yet and we anticipate further growth in 2023 and a new top mark to be set,” CIIPO Director Candace Westby said. “I believe more and more businesses are understanding that they can safeguard their brand in the Cayman Islands.”

CIIPO was established in May 2016 to register intellectual property which is a creation of the mind, as it needs to be recorded as part of its legal protection. Minister for Financial Services and Commerce André Ebanks said the team looked forward to the continued growth of this sector as further enhancements and innovations to the IP regime are expected later this year.

“Our ability to protect so many corporate brands is a significant milestone and a testament to the strength and appeal of our IP regime,” he added.