Are you an exporter or aspiring exporter? Is your turnover below $50 million?
If the answer is yes to both questions, you may be eligible to benefit from the Export Market Development Grants (EMDG).
The EMDG scheme is a key Australian Government financial assistance program for aspiring and current exporters. Administered by Austrade, the scheme supports a wide range of industry sectors and products, including inbound tourism and the export of intellectual property and know-how.
If you are currently benefiting from the EMDG, you already know of the 30th November 2016 deadline to lodge your application for the Financial Year ending 30th June 2016.
If you are not benefiting from the EMDG, keep reading…The scheme allows for the reimbursement of up to 50% of expenses incurred on eligible export promotion activities, above a $5,000 threshold, provided the total eligible expenses reach a minimum of $15,000. First-time applicants can combine two years of expenses.
The maximum benefit is $150,000 (subject to funds available in the scheme) and it can be applied for up to eight times by each eligible applicant.
Most expenses such as overseas representation, marketing consultants, travel expenses, communication costs and product samples are eligible (though printed promotional material needs to be different to material published for the Australian market).
How does it work? The eligible business invests more than $15,000 on relevant activities, waits for the end of the Financial Year, then submits an application form with Austrade before 30th November of the same year. If accepted, funds are then made available in accordance with the terms of the scheme
Eligible individuals, partnerships, companies, associations, co-operatives, statutory corporations or trusts can all apply for the grant.
There are a few limitations to be aware of (for example, expenses related to exporting to New Zealand, Iran and North Korea do not qualify)
Applications for the 2015-16 grant year will open on 1st July 2016 and will close 30th November 2016. The deadline may however be extended to 29th February 2017 if your application is lodged by an EMDG Consultant approved under the EMDG Consultant Quality Incentive Program.
Do not hesitate to contact us if you would like further assistance. Further details are also available via the Austrade website.