Sharp and its new Taiwanese parent company Foxconn will jointly establish an intellectual property management company on October 3, 2016 to put the stake and employees of the Japanese electronics manufacturer to better use.

The intellectual properties, which will be still owned by Sharp, will be managed by the newly established ScienBiziP Japan company. The new company is headquartered in Osaka.

ScienBiziP Japan has registered capital of JPY5 million, which is about USD49,000. Sharp owns a 51% stake in the company; Foxconn Group's ScienBiziP consulting company owns a 20% stake; while the company's management owns a 29% stake.

Sharp will be responsible for transferring its employees within its business to the new company, which will have a total of 200 employees. The president of the company will also be from Sharp.

Sharp said that the new company will use Foxconn Group's experience in managing intellectual properties. Meanwhile, it will help other companies manage intellectual properties to expand income.