As you may know from our previous updates, the NZ Patents Act 2013 commences on 13 September 2014. An important aspect of the change is a new patentrenewal fee structure.
At present, it is only necessary to renew New Zealand patents at the 4th, 7th, 10th and 13th anniversaries. From 13 September, patents will have renewal fees due annually starting in Year 4.
But patent holders could take advantage of a cost saving opportunity by pre-paying future renewal fees before the Act comes into force.
The table below illustrates a cost comparison for one patent between the renewal fees under the current Act versus the new Act (including CreateIP’s service fee) and the cost saving overall, if all renewal fees were paid before 13 September. In summary, the newer the patent, the more opportunity for savings:
Contact us to review the payment schedule for your portfolio.