The "Ideas Powered for Business SME Fund" ('the SME Fund') is an initiative implemented by the European Union Intellectual Property Office (EUIPO) which started in January 2022 and will run until the 16 December 2022.
The SME Fund is a grant scheme designed to help and protect the intellectual property (IP) rights of EU small and medium-sized enterprises (SMEs).
Funds are limited and will be distributed on a first come, first served basis.
Protecting your Intellectual Property is essential in the digital era that we live in. It is the only legal way to protect your unique ideas, products, or services from being copied or used without your permission. The protection of IP can cover a wide range of assets, including trademarks.
Who can benefit from the SME Fund?
The SME Fund offers financial support to small and medium-sized enterprises (SMEs) established in the European Union. The application can be filed by an owner, an employee or an authorised representative of an EU SME. Grants are always transferred directly to the small and medium-sized enterprises.
How do I know that my company is a valid SME?
In general, EU SMEs are categorised as follows:
|Enterprise category||Staff headcount||Annual turnover||Annual balance sheet total|
|Medium-sized||<250||≤ € 50 m||≤ € 43 m|
|Small||<50||≤ € 10 m||≤ € 10 m|
|Micro||<10||≤ € 2 m||≤ € 2 m|
CYPRUS – SME Fund
In Cyprus, the SME fund is a reimbursement programme that issues vouchers that can be used to partly cover the fees for the selected activities.
Voucher 1 covers €1,500 to use for costs linked to the IP Scan, trademarks and design fees.
The process consists of four stages: -
- Apply for the grant
- Receive your grant award and voucher(s)
- Request and pay for IP Activities
- Get reimbursed
Activities you can apply for:
Based on your business needs, the SME Fund, 2022 edition, covers several activities to help you implement your IP asset strategy. Some of these are as follows:
- 90% reimbursement for IP pre-diagnostic services (IP Scan)
- 75% reimbursement of trademark and design fees at EU level
- 75% reimbursement of trademark and design fees at national and regional level
- 50% reimbursement of trademark and design fees outside the EU
Originally published by Great Britain-Cyprus Business Association Gazette.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.