The Autonomous Intellectual Property Service (SAPI) of Venezuela issue an Official notice on May 5th, 2015, that notifies an increase of the tax stamps needed to pay the renewal fees, the registration fees, the assignments, mergers, licenses, trademarks and patents and patent annuities.
The payment method for foreign nationality companies also changed for fees corresponding to trademarks and patents procedures. Holders of foreign nationality have to paid an equivalent payment in US$, at the lowest exchange rate in the market, determined by Banco Central de Venezuela. The payments have to be done by the holder to a specific account created by SAPI.
Consequently, there’s been resources and actions seeking to suspend the law until the nullity of the regulations that comply with the payment in foreign currency and the assignment of the lowest exchange rate is decided. Nevertheless, The Supreme Court of Justice recently rejected the requested precautionary measures.
For now, the Director of The Autonomous Intellectual Property Service, indicated that the lowest exchange rate is, Bs. 6,30 per US$ and that will be applicable for the payment of fees made by foreign owners. This means that a foreign company or holder will probably paid US$ 2.400 in total to register a patent or trademark in Venezuela, a high rate since in other countries the rates varies from US$30 to US$800.
The new fees and the aforementioned payment method for companies or natural person of foreign nationality were implemented since May 28th, 2015, the fees were officially implemented to these specifically procedures:
- Payments of Registration fees (granting) of Trademarks and Patents
- Registration of Assignments and Mergers that include Trademarks and Patents
- Trademarks renewal
- Registration of Licenses of use that include Trademarks and Patents
- Registration of Name and/or Address Changes of Trademarks and Patents Holders
- Payment of Annuities for the Maintenance of Patents, according to the table attached to the official notice