South Korea to Lower Patent Fees for Startups, IP Finance Banks

South Korea’s intellectual property office is preparing to reduce patent fees for select domestic and multinational businesses later this year.

The office has announced a series of patent rule changes designed to reduce costs for small and medium-sized enterprises (SMEs) and startups, as well as banks that provide IP financing for SMEs or public research institutions.

The changes, expected to take effect in December, underscore South Korea’s overall push to support startups and smaller tech businesses and provide incentives for them to protect their inventions. The growth of startups and small and medium-sized enterprises is largely seen as a job ...