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2022 Intellectual Property (CNIPA) regulations: What is New in Regards to the 2019 “New Trademark Act”?

14 Jun 2022
Actual, China, IP
Actual, China, IP, Regulations

 

The China National Intellectual Property Administration (CNIPA) has taken further regulations on trademark usage in China. From 2022 onwards, new rules have been into place that emphasise the detection of fraud and the infringement of laws related to illegal trademark acts in China. This is done to improve the security of private trademarks. The requirements and supervision of using trademarks have become increasingly strict. What do foreign manufacturers need to take into account?

 

The publication of the regulations at the end of December 2021 by the CNIPA aims to strengthen the protection of intellectual property (IP). This publication builds on the trademark laws which are in effect from December 1, 2019. The amendments of the latter relate to the usage of a trademark, claims for damage and opposition to illegal trademark applications. This “new trademark act” focuses on the following three aspects mainly anchored in the Chinese trademark law articles 4, 19 ,33, 63 and 68:

  • Trademarks must be registered and must be proven to not be used previously before registering.
  • Three months after registering the trademark, opposition to this application can be filed at the Chinese Trademark Office.
  • In serious infringements, the statutory damages are RMB 5 million (€711 thousand) and can equal up to five times the actual damage suffered. The counterfeit goods produced under this trademark can get destroyed by the People’s Courts without compensating the counterfeiter. This can only happen at the request of the original trademark.

Whereas these regulations already try to defend the IP of an original trademark or brand, the newly introduced rules improve the security and strictness of intellectual property (IP) in China. The brands themselves need to adhere to around ten new enforcement criteria to further diminish the stealing of IP in China. These regulations are all established according to the Chinese Trademark Law and can be found under the articles 6,10, 43, 49, and 52:

  1. Infringement by (not) using a registered trademark. Chinese Trademark Law acknowledges registered brands in European Trademark Law.
  2. Infringement by signs which may not be used as a trademark.
  3. The term “well-known mark” may not be used in commercial activities
  4. The trademark licensee is not allowed to fail to indicate its name and the origin of the goods
  5. Infringement is where the trademark applicant, in the course of using the registered trademark, changes the registered trademark, name, address or other registered particulars of the applicant on its own initiative.
  6. Infringement by using unregistered trademarks as registered trademarks
  7. Violation of provisions on the registration and administration of collective marks and certification marks, and failure to comply with obligations to administer collective marks and certification marks.
  8. Violation of the provisions for the administration of trademark printing and failure to fulfil the duties of trademark printing administration.
  9. Infringement through malicious application for trade mark registration.
  10. Other infringements of the trade mark administration order

 

Especially interesting for foreign manufacturers are articles 14 and 23 of the new regulation.

  • According to rule 23, using a trademark which is not registered in China but instead is registered somewhere else in the world (e.g. Europe), the owner gets seen as a trademark infringer in China.
  • If an unregistered trademark with multiple meanings is used, this may be considered a breach of the rules (Rule 14). This is the case whenever the Chinese public gets the impression that this particular sign cannot be used as a trademark according to Article 10 (6-8).
    • Signs referring to ethnically discriminatory persons.
    • Signs that can make the public misunderstand the product (e.g. quality, place of origin).
    • Signs that go against socialist morals and norms.

 

To conclude, the rules in China are becoming stricter in order to tackle the theft of intellectual property. However, while these rules are good for foreign investors, they still need to be careful to not use a European-registered trademark without registering it in China. Further, the signs and articles can be interpreted differently in a cultural context. We recommend interpreting these in the broadest sense and trying to avoid risk at all costs. Infringement in China can be expensive and troublesome.

 

Sources:

https://www.cnipa.gov.cn/art/2021/12/16/art_75_172237.html

http://www.gov.cn/zhengce/2019-10/22/content_5443183.htm

Einführung in Global Connect Admin BV & Global Connect Consultancy BV Ein kurzer Überblick über Amelkis XBRL.

05 Jun 2022
Actual, Aktuelles, Company Updates, Cross-border, Current news, ESEF, Europe, Germany, IFRS, XBRL

Jetz Anmelden!
Global Connect Admin B.V in partnership with the DNHK are holding a German webinar on 15 June 2022 at 12:00, titled “Einführung in Global Connect Admin BV & Global Connect Consultancy BV Ein kurzer Überblick über Amelkis XBRL. Register on the following link: https://lnkd.in/eSKqWcQg #webinar #xbrl #german #globalconnectadmin #globalconnectconsultancy #DNHK

Presidents Summit 2022, Northern Europe’s leading Business conference, Copenhagen Denmark. Rethinking Business

05 Jun 2022
Actual, Aktuelles, Current news, Europe, GCA on Tour, IFRS

Through adversity we grow and this year’s summit taught to inspire just that; the tools needed to adapt in this vast – changing world and in every step of the way, to grow and draw strength and purpose from what has happened in the past. 

The PS provided a platform for actionable insights, inspiration and networking with over 2000 meet-ups held per day at the 2021 Summit. Global Connect Consultancy B.V., together with Global Connect Admin B.V.  again this year enriched their professional know-how and built on its vast & steadfast network!

It is the ability to find harmony in the noise and to know there is a safety net when we err. According to Itay Talgam this can be achieved by our ability to recognize and explore gaps, our decision to interpret the plans we create. This speaker is an orchestral conductor who teaches leadership by looking at examples of world leading maestros. In his book The ignorant Maestro Talgam explains that sometimes the best way to stimulate and let people develop their full potential under your direction is to be ignorant. Leaders do not have to be the one who knows everything, but the one who helps his leaders to develop their full potential and to coordinate the team so that those energies flow in a common sense, as happens in a well-assembled orchestra. He teaches his audience not to mind the gaps but to use them.

Other experts on the stage included Daniel Pink, expert on human behavior who aims to teach businesses that regret is both healthy and universal and an integral part of human life. Regret is not abnormal or dangerous, it clarifies what we value and teaches us to be better if we can learn from it.

Dr. Frederik Pferdt, CIE of Google teaches around the central idea that “it’s important to create an environment where everyone is allowed to bring in opinions”. His teachings focus on human mindset and how it channels our inner attitude towards every external event and how to reprogram our negativity bias and start inventing a better future, today.

Noteworthy insights from Linda Hill included inter alia that “most innovations arise from the collision of different ideas, perspectives, and ways of processing emotions”. Organizations are increasingly faced with pressure to innovate, but lack the tools to fuel, inspire and sustain that innovation. In summary the professor teaches her audience to reduce their should’ve and could’ve; be collaborative-ready; develop your successors and paying attention to both scale and speed.

We would like to thank our hosts at this years’ President’s Summit for the outstanding event that was had! Your hospitality is remarkable and the teachings are what we will draw from in the coming year. Thank you!

Join the leaders of future, the investors of tomorrow, and the founders of TODAY! Join Global Connect Consultancy B.V., your trusted partner in financial reporting – today, tomorrow and into the future. Our professional global team will ensure that you regain control of your financial data, allowing you to focus on your core business.

 

EFRAG launches draft Sustainability Report Standards

22 May 2022
Actual, EFRAG, ESEF, IFRS, Sustainability
EFRAG, Global Connect Admin, Global Connect Consultancy

 

The European Financial Reporting Advisory Group (EFRAG) has released exposure drafts (ED) of the European Sustainability Reporting Standards (ESRSs). With this proposal, requirements are set out for European companies to report on various environmental, social and governance (ESG) topics including societal impacts, risks and opportunities.

The European Commission’s proposal for a Corporate Sustainability Reporting Directive (CSRD) envisages the adoption of the EU Sustainability Reporting Standards (ESRS). Regarding the latter, EFRAG was requested to assist the European Commission in establishing Sustainability Reporting Standards.

EFRAG, as a technical advisor, aims at providing relevant stakeholder information and analyses on sustainability and ESG subjects to the European Commission. This is done to inform the manner of ESRS adoption by the EU. EFRAG decided to launch the public consultation based on the exposure drafts created under the responsibility of the Project Task Force (PTF-ESRS).

A consultation period of 100 days has been launched with the deadline of 8 August 2022 wherein companies can comment on the draft and share relevant information. Incorporating the input and result from the public consultation together with the feedback on the exposure drafts, EFRAG will agree on the final set of draft ESRS to be submitted to the European Commission.

After further evaluations, the finalised version of the ESRS applies the new sustainability standards according to the disclosures made under the EU’s Corporate Sustainability Reporting Directive (CSRD). Bridging finance and sustainability, the ESRS promise to expand mandatory sustainability reporting to European companies as the ongoing drafts are a “journey towards a faithful representation of sustainability performance”.

EFRAG invites comments on all aspects of the draft ESRS and expects feedback no later than 8 August 2022.

LUNA Cryptocurrency Collapse: Is The End Near?

14 May 2022
Actual, Cryptocurrency, Investment
cryptocurrency, Investment, LUNA, Meltdown

The downfall of LUNA shook the crypto world. With most cryptocurrencies plunging more than 50%, billions of dollars have gone into thin air. Fear and uncertainty have taken the place of confidence as noticeable in the investment behaviour in the cryptocurrency market. How could this meltdown happen and what are the consequences?

 

LUNA

The cryptocurrency LUNA is associated with TerraUSD (UST). UST is a stablecoin which entails that there is an algorithmic $1 peg governed by underlying code. UST is inherently different from the other stablecoins like Tether and USD which are both backed by real-world assets such as bonds. UST has no real-world assets are merely relies on the algorithm. To maintain the $1 peg, the UST algorithm stabilises to create and burn tokens of both UST and the linked crypto LUNA. However, due to the extreme market volatility, UST has been unable to maintain the peg and dropped to 12 cents according to data from CoinGecko. Further, the Terra blockchain, which is the operating chain for UST and LUNA, had problems processing transactions twice in less than 24 hours.

Due to the inability to maintain the peg, LUNA plunged to $0 from more than $100 in the last months. This decline in price in UST – and therefore LUNA- has resulted in a meltdown in the crypto market. Even while the collapse of UST only lasted for several hours to regain the $1 peg, billions of dollars in value have been erased and the largest cryptocurrency bitcoin dropped 15% for the week, a level not seen since late 2020.

LUNA price (USD) in the last 7 days. Derived from https://coinmarketcap.com/currencies/terra-luna/

 

Compensation                                      

Bitvavo, a big trading platform, compensates investors after this disaster. The prices are equal to the prices of the pause on 13-05-2022 at 8:20. This pause was needed to create a plan to further stop the devaluation of the stable coin. Binance, the world’s largest crypto exchange temporarily delisted UST and LUNA but reversed this decision after Terra announced resuming new verifications on the blockchain and halting direct transfers.

Fear

The LUNA / UST situation resulted in panic and insecurity in the crypto market. In combination with the higher inflation and interest rates that have caused a sell-off in the global stock market, the cryptocurrency market seems to be related to the stock markets and manifests in a loss of more than 50% value in most cryptocurrencies. The growing fear and growing levels of inflation decrease the trust and investment in the crypto market. According to Vijiay Ayyar, the vice president of corporate development and international at crypto exchange Luno, in the crypto market “it’s normal to see bounces amounting to 10-30%”.” While “these are normally bear market bounces, testing previous support levels as resistance”, even the largest of cryptocurrencies such as bitcoin may not be sustainable or be able to bounce back. As  To long-term feasibility of cryptocurrency needs to be further explored – focussing on the environmental impact of the mining of these coins.

 

Conclusion

Cryptocurrencies as investments bring the known risks of (heavy) value fluctuation. However, as seen in the LUNA case study, the value of your assets can rapidly drop to a point of no return. KSI, a well-known Youtube, lost $2.8 million in his LUNA investment making his coins virtually worthless.

For more information about personal advice regarding international business advice, tax situations or consolidation, Global Connect Admin B.V. can assist you with these challenges due to the rich experience and framework of connections.

The Estonian Unicorns: Opportunities For Startups in Estonia

13 Dec 2021
Actual, Investment, Startup
Business, Development, Estonia, Globalconnectadmin, innovation, opportunities, startup, technology, Unicorn

Estonia has the highest number of unicorns per capita in Europa. Fostering an environment for these booming startups or so-called unicorns, the Estonian economic growth in the 3rd quarter of 2021 (8,6%) showcases the successful Estonian development strategy. Hence, using the pandemic situation to their advantage, Estonia continues to emphasise the importance of startups. Curious to read what economic sectors yield to most opportunities?

 

Unicorns

Estonia is the leader in unicorns per capita in Europe. With 7 unicorns, despite a population of 1.3 million people, Estonia is a breeding ground for companies valued at more than $1 billion. Currently, these 7 companies are the following ones: Skype in 2005, Playtech in 2007, TransferWise in 2015, 2018 with Bolt, Pipedrive in 2020, and in 2021 both Zego and id.me became Estonian-founded unicorns. As noticeable, the time between the rise of a unicorn is constantly decreasing. Further, looking at the sectors these companies are concerned with, the overarching trend is the connectedness with technology and communication.

 

Economic Analysis

This relation between breakthroughs and technology is elaborated on by Robert Müürsepp, a leading analyst at Statistics Estonia: “the economic growth was driven by construction, information and communication, real estate, and transportation and storage activities. Also manufacturing and professional, scientific and technical activities recorded positive results”. These three economic activities contribute more than 3% out of 8,6% to the GDP growth of the 3rd quarter of 2021. In comparison, the biggest decreases in terms of percentage of GDP are, as expected with the pandemic and lockdowns related to the pandemic situation, the leisure and entertainment, transport, hotels and restaurants, and clothing and footwear sectors.

Müürsepp also argued that the fall in investments (-8,8%) in the third quarter is due to smaller investments in general, yet yielded a significant increase in the investments in transportation equipment (32%) and 15,1% in other machinery and equipment. Furthermore, foreign trade continued to grow rapidly: The export and import both accounted for a growth of 17,5%, while the emphasis was on the export of service (38,9%) powered by 1) computer, 2) technical and 3) business services. In comparison to the previous quarter, the seasonally adjusted GDP grew by 0,7% and grew by 9,2% compared to the third quarter of 2020.

 

Estonia

“We are eager to make relevant changes happen quickly. This makes Estonia a perfect testing ground for innovative solutions. As a small country we value flexibility and diversity and therefore we welcome foreign investors and talent in Estonia – together we can build a better future for everyone,” states Prime Minister Kallas concerning the ideal testing ground for the unicorns.

While the unicorns get encouraged by the Estonian government, the unique selling points of this technological country are not covered yet.

 

Opportunities

After restoring its independence in 1991, economic freedom has been highly valued in Estonia. While being ranked fifth in Europe for economic freedom, the Estonian economic environment created by the state encourages people to start and grow businesses. Moreover, Estonia has also been a steadfast global leader in tax competition for the last seven years in a row. Not only this tax system without corporate income taxes, capital taxes and property transfer taxes, makes people entrepreneurial. There is also Estonia’s advanced digitalisation which reduces the hassle and costs and, a wide range of encouraging success stories (such as Skype and Bolt), and sociological characteristics such as a developed and affordable living environment, a long and full-paid parental leave, and a welcoming and supportive startup community. Besides this, Estonia’s entrepreneurial activity is the highest in the world due to the innovative, productive and curious mindset of the Estonians. According to Atomico in “The State of European Tech 2020 report, Estonia has 865 startups per capita with a steadily growing number.

Knowing these reasons, Estonia is often seen as the leading startup-friendly country in the world. Moreover, you do not need to reside in Estonia to enjoy these benefits of the business environment. Estonia’s innovative e-Residency programme, itself referred to as a state startup, enables anyone to log into our country to establish and manage a company here, regardless of their physical location.

 

Conclusion

Even with the best business environment and the most entrepreneurial people, it is no guarantee for automatic success. With stories and information from the vibrant startup community, such as the foundation of the EU Unicorns Group to accelerate Europe’s green transformation and tech innovation, together with a little bit of luck, Estonia can be the “perfect testing ground for innovative solutions” in the words of the Prime Minister. Interestingly, Estonia maintains to further develop into a tech-savvy country focussed on digitalisation and communication. Knowing that the interest in digitalisation and tech is growing in both society and business, it is recommended to not only keep an eye on the developments but also on the (new) unicorns. While these unicorns can be beneficial contacts or partners for your existing company, the ideal business environment due to tax reasons and state encouragement make Estonia a perfect choice as the breeding ground for your next startup.

Curious about these new opportunities, or your want more information about personal advice regarding international business advice, tax situations or consolidation? Global Connect Admin B.V. can assist you with these challenges due to the rich experience and framework of connections.

 

Sources

https://investinestonia.com/from-the-production-lines-of-the-unicorn-factory-estonia-is-the-champion-in-founding-billion-dollar-startups

https://investinestonia.com/estonian-bolt-and-skeleton-together-with-other-european-unicorns-founded-the-eu-unicorns-group-to-accelerate-europes-green-transformation-and-tech-innovation

https://investinestonia.com/estonian-economy-grows-8-6-in-third-quarter-of-2021

https://www.stat.ee

https://www.workinestonia.com

Non-Fungible Tokens (NFTs) in the Era of Online Investment: What are Your Opportunities?

15 Nov 2021
Actual, Investment
artworks, cryptocurrency, hype, Investment, NFT, non-fungible token, opportunity

 

Non-fungible tokens or NFTs are gaining momentum in contemporary society. These non-fungible coins or assets are often presented in the form of artwork as part of a whole collection (e.g. Bored Ape Yacht Club). The main question is if the insane price for acquiring an NFT is worth the benefits. In this article, we explore what NFTs are, the benefit of buying an NFT and the opportunities this purchase can have for your business. Moreover, we provide tips and risks needed when intrigued by this new investment phenomenon.

 

 

Introducing NFTs and the operational method

The NFT or Non-Fungible token is a token within a blockchain (digital ledger) connected from an account to a unique and digital item via a smart contract. Most NFTs are part of the Ethereum blockchain, a cryptocurrency, and are currently seen in the rise of buying and selling digital art using this blockchain technology for multiple reasons (e.g. investment). In simple words, the NFT is a unique link between an account and a digital item that assures that said item is uniquely yours. This blockchain technology is non fungible which means that the item or artwork is unique and cannot be replaced with something else. As the trading dynamic can be seen as investing just like is the case with bitcoins and altcoins, the difference is that the NFTs are one of a kind. Whereas you can trade a bitcoin for a bitcoin, the NFT is distinctive and can never be fungible for the same artwork.

 

 

The uniqueness and function of the NFTs

The NFT gets seen as the new era of art. Both art collection and art investment are considerable motives for buying an NFT. As mentioned before that every NFT is a unique piece of artwork including the corresponding blockchain entry (proof of authenticity) plus the fact that these tokens are limited and tradeable, making all the NFTs depend on the supply and demand principle. NFTs are nowadays often seen as pictures and videos, but can also cover the realm of music and other forms of art. The next paragraph will thoroughly explain the four motives for purchasing an NFT.

 

 

Four motives of buying an NFT

Knowing the technical information and the uniqueness of the NFT, the question might arise why someone wants to spend money on NFT artworks.

 

Firstly, the NFT is currently in a hyped-up phase. Newspapers, NFT creators and NFT purchasers are trying to start the momentum of this “new era” to get more recognition among the people. This triggers the Fear Of Missing Out (FOMO) effect that stimulates the demand of the NFTs – as these groups wish. This is noticeable in the fact that NFTs are sold from hundreds to millions of euros worth of Ethereum. Exemplifying the prices of

Figure 1. NFT properties of Bored Ape Yacht Club #9355

NFTs,  this video made by the famous creator Beeple got sold for 6.6 million dollars (5.8 million euro). Further, NFTs within a specific group like the TrendyTigers or Bored Ape Yacht Club have different characteristics that make them more special and more valuable to stand out from the crowd. Here we can think of background, clothes, eyes, fur, hat and mouth as depicted in figure 1.

 

 

Secondly, you get complete ownership of the work. Instead of downloading the video or picture, the purchaser owns the artwork including proof of authenticity. This can be seen in the way that copying (downloading) a Van Gogh painting is still possible, but only one person can have the original. However, on par with physical artwork, the artists can still retain copyright and reproduction rights.

 

Thirdly, the purchaser can show off their new asset and try to fan the flame for interest in NFTs and in particular the purchaser’s artwork. Owners of an artwork change their profile picture to their acquired NFT to show the everyone that they own an NFT, brag with their latest purchase, and show the world they are part of a particular niche or group. This phenomenon of showing-off is mostly visible on Twitter.

 

Lastly, and maybe the least concerned with investment, is that the purchaser can (financially) support the creator of the art.

 

 

Opportunities for you

As the hype is getting a boost by the media and the groups associated with the NFTs, the incentive to buy might seem bigger than it is. Knowing that an NFT can be an investment strategy – just like cryptocurrency – we should be careful with the post-hype stage, as this might be unpredictable. The NFT market including the price of the NFTs -without the hype- can collapse and result in loss after this high gamble. While this is part of investment in general, we should look at the other main benefit the NFTs give over for example cryptocurrencies: the community.

Pudgy penguins, CrytoPunks, TrendyTigers or Bored Ape Yacht Club are examples of NFTs with a community around the ownership of their NFTs. The latter is a project concerning, as the name suggests, 10.000 NFTs of Apes. Only 10.000 proud ape owners can be part of the clique. Important is that the Bored Ape Yacht Club functions like a family. The occasional networking events among the Apes are used to get to network and to get beneficial connections for the business. Furthermore, this nepotism is noticeable in the example of producer and songwriter Timbaland searching for Bored Ape Yacht Club owners to form an artist-owned entertainment company Ape-In Productions.

 

 

Conclusion

In short, the price for NFTs can be feasible when being able to network with celebrities, business leads, or new friendly contacts. In case you are intrigued by NFTs, please be aware that many individuals and/or corporations are trying to hop on the bandwagon of the NFT hype. This means that thorough research in this particular NFT community/club is absolutely necessary. Always look at the benefits, the listing date and amount of followers. Do not forget to analyse the follower-to-like ratio on social media to notice, as is often the case, fake and bought followers. NFTs are often listed on the trustable platform OpenSea.io where Ethereum is mostly used as currency to purchase the NFTs.

Finalizing, NFTs as investments bring the known risks of (heavy) value fluctuation just like cryptocurrencies and comparable investments. However, while NFTs can be pricey, these revolutionary blockchain technologies assure ownership and bring an additional opportunity to network and make contacts in the NFT clique or group. As mentioned before, when you are part of this community, the nepotism and proudness of the NFT ownership can possibly result in great opportunities.

 

For more information about personal advice regarding international business advice, tax situations or consolidation, Global Connect Admin B.V. can assist you with these challenges due to the rich experience and framework of connections.

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