The Tribune

By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

Deputy Prime Minister Chester Cooper said the compendium of intellectual property related bills debated in Parliament yesterday will be “transformative” for Bahamians - especially those in the “orange economy”.

Mr Cooper said the bills including the Patent Bill, Copyright Bill, Trademark Bill, Registrar of Records Bill and Registrar of Companies Bill will offer more protection to the work produced by creatives and allow them to collect royalties when individuals use their intellectual property.

He said: “In simple terms, the work of creatives like musicians, authors, visual artists, photographers, filmmakers, playwrights, content creators as well as research and technology etc will be better protected.

“We will also now have two digitally equipped standalone companies and records registrars that will better meet the needs of the general public.

“For the first time ever, writers, producers, musicians, artists, and others who put their creative input into projects will be able to receive royalties from those who make use of their intellectual property.”

He explained the protection will also extend to individuals in the technological field, allowing fintech companies to protect their designs and technology.

He said: “The Bahamas will be a natural fit for technology companies, including fintech companies with proprietary technologies.

“Junkanooers will be able to protect their iconic patterns and designs. Manufacturers creating products with specific formulas made from local crops like cascarilla bark and cerasee will be able to protect those products. The same goes for local jam, jelly, and hot sauce creators, local salt production techniques, and iconic local brands.”

Mr Cooper said the bills will make it accessible for creatives to protect their work locally, avoiding them having to seek copyrights abroad.

He said: “We absolutely must make it easy for innovators and creatives to protect their ideas and creations here at home. These individuals are the ones with the ideas that will grow our economy and diversify it for resilience and 21st-century success.”

“Instead of being an inconvenience, our systems should be a source of empowerment. At the very least, we must ensure that the length of time it takes to receive IP protections in The Bahamas is comparable to the world’s best jurisdictions.”

He said a standalone Intellectual Property Office will be established to improve the “efficiency and effectiveness” of the administration of intellectual property rights and the establishment of the office will bring the country in line with international standards.

The Intellectual Property Office will be fully digital allowing individuals that apply for protection to have “real-time international protection”.

He said: “Under the current manual-based system, there are unavoidable delays in filing and with detecting infringements on IPs. Going fully digital and integrating our system will make these delays a thing of the past, and those who file for IP protections in The Bahamas will have real-time international protection.”

Mr Cooper explained the establishment of the Intellectual Property Office attract both local and international entities allowing the office to become a “self-sufficient revenue generator” instead of an expense to the government.

He said: “We believe this legislation represents a turning point in which a newly independent IP Office, supported by an updated, effective framework and modern, efficient systems, will see the vast majority of locals filing for protections here at home. It will also attract those from other countries who see the protections offered by The Bahamas’ framework as superior to what is offered in their own countries, as well as those who want to ensure that their IPs are protected in The Bahamas.

“Eventually, we anticipate that the IP Office will no longer be an expense for the government. Instead, it will become a self-sufficient revenue generator due to the fees collected from the influx of activity.”