A trade secret is confidential information that is important to a business or company, giving it a competitive edge, and is not known to the public.
Examples of trade secret include a formula, practice, process, design, commercial method, customer profiles, advertising strategies or compilation of information not generally known by others by which a business or company can obtain a valuable advantage over its competitors. There is no restriction as to the type of information that can constitute a trade secret.
Trade secrets are protected without any procedural formalities. No registration is involved and there is no specified time limit for the protection of the information.