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What are Intangible Assets
Intangible Assets are soft assets that is worth an economic value for a certain period in time
5 Types of Intangible Assets
Intangible assets helps reduce taxable income by amortising the costs over their useful lives
Contract-based intangible assets
Contract-related intangibles include franchise agreements, licenses, and permits.
Licenses and permits come into play when a government agency grants a private company operating rights, such as the use of city streets or designated areas for taxicab stands. The cost of acquiring a franchise is expensed over the life of the agreement. Annual franchise costs are expensed in the financial period in which the franchisee incurs them. The cost of acquiring licenses and permits are capitalised if the company can match the costs to obtain the operating right with the actual license or permit. If a company pays a minimum guarantee for the privilege associated with the license or permit, the amount of the guarantee records as an intangible asset and moves to the balance sheet over the life specified in the license agreement.
Customer-related intangible assets
Customer relationships form a key intangible asset for firms operating in many industries. Firms devote significant human and financial resources in developing, maintaining and upgrading customer relationships. In some instances, supply or customer contracts give rise to identifiable intangible assets. More broadly, however, customer related intangible assets consist of the information gleaned from repeat transactions, with or without underlying contracts. Firms can and do lease, sell, buy or otherwise trade such information, which are generally organised as customer lists.
Marketing-related intangible assets are intangibles help promote the company’s goods or services. Your biggest marketing-related intangible asset is a trademark. These assets are unique signs, symbols, or names the company uses to create a brand or unique image. For example, think “Kleenex” versus “facial tissue. If a company buys the trademark from another company, it capitalises the purchase price. If the company develops the trademark itself, all costs relating to its development are capitalised, except for research and development costs.
Technology based assets
The biggest technology-related intangible is patents. A patent provides licensing for inventions or other unique processes and designs. Items that patents protect run the gamut from pharmaceuticals, to automobile circuitry, to unique machinery designs.
If a company purchases a patent from the inventor, the capitalised cost is the purchase price plus any costs incurred as part of the acquisition process, such as legal fees. Costs leading to patents developed in house aren’t capitalised, but are shown immediately as expenses on the income statement.
Artistic-related intangibles include items such as copyrights, which protect ownership rights. In other words, someone can’t use the company’s printed work (books, poems, and the like) or recorded work (musical score, song lyrics, movies, and so on) without permission. Any original piece of work is automatically copyrighted. The cost to acquire a copyright is capitalised. The cost to defend against the plagiariser is also capitalised. These costs are allocated to the value of the copyright over its useful life.
How does your business benefit from Intangible Assets
We help firms grow generate economic value through asset acquisition and implementation
Generate economic value
Create intangible asset projects that makes the most business sense. Read exactly what we will deliver for one fixed price and the benefits to your business after acquiring them.
Acquire assets risk-free
Use our unique band of experience PMETs to help your firm acquire intangible assets use the PMETs to help your firm stay competitive and grow remotely. Zero operational risk as you do not expense if deliverables are not provided
Beef up your balance sheet
Today’s businesses are build from the bottom up by acquiring intangible assets. Increase your balance sheet and share capital by adding over 30 different types of intangible assets to your business and see your efforts rewarded with an exit
Acquire intangible assets without operational risk. We will provide the deliverables or we work for free.
Manage and view your forms and resolutions without shifting through paper work.
Fit for all industries
Our intangible assets cater to businesses across most industries ranging from traditional sectors, general technology startups and deep technology startups. We do not acquire the intangible assets if we feel they do not benefit your business
Our fixed rates are affordable at small business and startup level. We are ones ourselves so we understand the cost pressures of adding assets to a business. We also offer grants and financing for eligible businesses.
Our algorithm is tuned to constantly improve the deliverables we promise for our intangible assets so that your business constantly gets the best possible benefits we can possible provide.
One central dashboard
We offer one central dashboard for your intangible asset needs, including assets acquired, assets valued and funds expensed
Add to your goodwill
The more intangible asset you acquire the higher the value of the goodwill when you are selling your business. That is a fact.
Choose Projects or create your own
User our intuitive dashboard to easily choose and create projects. There is a fixed cost allocated to complete each project so that you know we are not going to spend more than that to acquire that intangible asset.
Track Project Milestones
There is a fixed progress tracker for every intangible asset you initiate so that you know exactly when we have completed milestones.
We have email, phone and chat. Expect help replies quickly. Something urgent? Call us or hit us up on chat during business hours.
Small Businesses welcome
We love small businesses, entrepreneurs and startups and love collaborating and helping them stay competitive.
Your intangible asset may well be subsidised if you can qualify for it. Or add intangible assets to help your business qualify for a larger grant.
"Huan, director of kimbocorp, has helped us to obtain government funding that effectively transforms our business and brand outlook. Today we have a spanking new site, ability to engage with customers and fulfill them remotely. I will continue to go back to Huan and kimbocorp for more capabilities moving forward."
"Kimbocorp provided business license and banking relationship within days. The process was swift and predictable and I got what I wanted. We are trying to work with them on more intangible assets and business capabilities."