Singapore adopts bold new plan to become Asia's global IP hub

More than a dozen initiatives rolling out.

The Singapore Ministry of Law has announced that the country will be adopting the recommendations detailed in the 10-year master plan designed to make Singapore a global IP hub in Asia. The master plan recommendations detailed three strategic outcomes that Singapore should work towards, and two supporting enablers that are essential to achieve them.

For the strategic outcomes, Singapore will aim to be a hub for IP transactions and management, where companies use Singapore as a base to manage and transact IP internationally. It will also strive to foster quality IP filings, where companies register their IP in Singapore, utilise our IP services and infrastructure, and leverage Singapore as a gateway to secure IP protection in key markets all over the world. Lastly, it will focus on developing a reputation for strong IP dispute resolution, where IP disputes are brought to Singapore for expeditious and effective resolution through litigation or alternative dispute resolution.

To achieve these outcomes, the government said Singapore will be developing skilled manpower resources networked to the region and beyond, to effectively serve the international needs of companies. It will also create a conducive and progressive environment for IP activities, to strengthen international acclaim of Singapore as a vibrant IP hub and establish Singapore as a thought leader in IP.

The government believes that Singapore’s development as a global IP hub in Asia will create high value job opportunities for Singaporeans and generate benefits for the legal and IP service sectors, as well as IP owners. These include a greater demand for services from the legal and IP service sectors (e.g. law firms, patent firms, IP intermediaries, IP valuation firms), as well as greater job opportunities for Singaporeans, such as IP strategists, IP valuation analysts, IP lawyers, and patent agents. These professionals can look forward to more continuing professional development training to acquire new value-added skills.

Meanwhile, IP owners, such as SMEs, will benefit from the greater availability of services and avenues to protect, manage and maximise value from their IP assets.

For a full list of initiatives to be rolled out in relation to this new IP plan, read them here.

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