The Companies and Intellectual Property Authority (CIPA) embarked on an innovative online registration strategy to boost its revenue.
According to CIPA’s latest report, overall corporate performance for the period 1st April 2022 to 31st March 2023 stands at an impressive 94 percent.
“This represents an improvement of 3 percent in comparison to the previous financial year,” said CIPA chairman, Tshiamo Motsumi reflecting on the 2022/2023 annual results.
Motsumi said he was delighted that his organisation demonstrated robust financial performance throughout the year under review.
CIPA collected a little over P85.3 million in revenue for the period ending 31st March 2023, representing a 3 percent increase when compared to the collection in the previous year.
“The deployment of the Online Business Registration System (OBRS) in 2019 has massively improved CIPA’s revenue collection capabilities and continues to provide a strong and reliable source of income,” he said.
He said the Authority has constituted a Sustainability Committee which is working towards the creation of new revenue streams to diversify its existing revenue streams and ensure self-sustenance going forward.
On other issues, Motsumi said, one of the key activities for CIPA during this financial year was the launch of the Botswana Intellectual Property Policy (BIPP 2022).
“The BIPP 2022 aims to foster a culture of creativity and innovation with the specific objective of creating a knowledge-driven economy which thrives on incubation of ideas, protection and commercialisation of intellectual property,” he said.
He added that the key focus areas for the policy implementation are the Creative Industries, ICT Sector, Tourism Industry, Healthcare and Agribusiness sectors. Infusion of intellectual property (IP) into these sectors will be done through the establishment of IP business clusters to upgrade, promote and facilitate the competitive transformation of Batswana’s enterprises.
He said this initiative, as well as the full implementation of the policy, will ensure that the country’s IP economy will be internationally competitive, and will contribute to employment creation and economic growth.
“Registration of IP will be completely automated and done online in a similar manner to the current online process for companies and business names, hence making the services more accessible for Batswana,” he said.
About 98% of the revenue was collected through the OBRS while offline business revenue (i.e., records search, IP, and Copyright services) contributed 2 percent of total revenue collected for the financial year, said Registrar General, Conductor Paul Masena.
He said the Authority focused on addressing the following initiatives: Finalization and operationalization of the IP Model Office which promises to be yet another model digital technology by CIPA to yield gainful benefits for the Authority; Implementation of OBRS enhancements to adapt the system to the new provisions under the Companies (Amendment) Act, 2022; and Development and implementation of Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Action plan to enforce compliance.
Masena also indicated that the Authority carried out various stakeholder engagement exercises to enhance awareness and public education on the Companies (Amendment) Act, 2021 and compliance requirements.
“In the coming year, we anticipate, with much enthusiasm, the execution of key undertakings being the Levy on Technical Devices Fund Open Call to empower and develop capacity, quality and diversity of the creative industries,” said Masena.
