For purposes of maintaining the validity of a Patent and the recording of licenses, during the life of the patent, you have to pay the said maintenance fees annually. But, during that time, you can make money by licensing your patented innovation.
Once the Patent Office is satisfied with your application, they shall issue a “Notice of Allowance”. At this stage, the applicant should start to pay the patent maintenance fee.
The payment of annual fee shall be counted from the first year of the Application. Back annuities from the filing date until granting date (issuance date of the “Notice of Allowance”) should be settled within 1 year computed from that date. The payment of next annual fees, provided that the Patent is still valid, shall be made at the latest on the same date with the granting date or the date of the recording of the relevant License.
If within 3 (three) consecutive years a Patent Holder has not paid the annual fees, the relevant Patent shall be deemed void commencing from the date constituting the time limit for the payment for the third year.
If the failure to meet the obligation regarding the payment of annual fees concerns with the payment of annual fees for the eighteenth and subsequent years, the relevant Patent shall be deemed void on the time limit for the payment of annual fee for the relevant year. The revocation of a Patent shall be recorded and announced.
Late payment of annual fees shall be subject to an additional fee of 2.5% (two and a half percents) for each month from the annual fee of relevant year.
