If you’re an Australian business owner keen to focus on jet-setting your products and services across the ocean, good news is coming your way. $60 million worth of good news to be precise.
The newest federal government meeting is set to top up the Export Market Development Grants (EMDG) Scheme with a cool $60 million. This move comes after a continued push for the Morrison government to do more to help small to medium sized businesses to promote their goods and services to international consumers. Friday 5th April will see Trade Minister Simon Birmingham announce the funding boost to the development grant, which in the past has been accessed by more than 3500 companies.
Before you grab your pad and pen to start applying (and then throwing them aside and going online to do the process properly), read on to discover more about the EMDG Scheme, how it benefits Aussie businesses and what, if eligible, you’re entitled to claim.
The Export Market Development Grants (EMDG) Scheme
The EMDG Scheme is a financial assistance program developed by the Australian government to assist and increase international marketing for small to medium businesses aspiring to grow their international sales.
Since 2014, the EMDG Scheme has been frozen at $131 million, however with great demand comes great change. This year, the added boost in funding will be a welcome addition for established businesses to take the next step in their marketing efforts.
Why Are Businesses Receiving This Subsidy?
Because, quite simply, Australian businesses deserve to be able to expand their audience and embed themselves in global value chains – a little something that makes up 80% of global trade.
Despite sounding too good to be true, this scheme presents great benefits for the Australian economy. Not only does it provide the opportunity for Australian businesses to achieve greater sales with an increased market, but also to make their mark in the world of international trade without the stress of footing the entire bill that comes with going global.
What Can You Claim From the EMDG Scheme?
As this scheme is focused on increasing the international visibility of medium sized Australian businesses, subsidies are largely based around marketing efforts.
Eligible expenses include:
- Engaging marketing consultants or international representatives
- Funding marketing visits or promotional communications (advertising)
- Registering intellectual property
- Participating in trade fairs or events to increase marketing exposure
- Distributing free samples or bringing overseas buyers to Australia
Which Businesses Are Eligible To Apply for Funding?
As outlined by the Australian Trade and Investment Commission, an Australian individual, partnership, company, association, cooperative or statutory corporation can apply for the EMDG Scheme providing they have:
- Carried on business in Australia
- Promoted the export of goods
- Promoted the delivery of services outside Australia
- Promoted certain services in Australia to non-residents
- Promoted inbound tourism
- Promoted the export of intellectual property and know-how outside Australia
- An income of less than $50 million for the year
- Spent at least $15,000 on eligible export promotional activities
How to Apply for the Export Market Development Grants Scheme
Head to the Austrade website where you can get your application in order with an EMDG eligibility checklist. Ensure you have an AUSkey (if you’re an ABN holder, your business will be eligible for one) to list with your application, and submit before 30th November 2019.
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