Expanding your customer base to generate sales to international markets is a logical consideration for many businesses. Where you’ve taken that step, the federal government have financial incentives in the form of the Export Market Development Grant (EMDG) available to support the growth of exports.
In the 2015-16 financial year, the 2014-15 Grant recipients benefited with:
- An average grant of $42,607
- Total grants worth $131.45 million distributed to 3,059 exporters
- 912 exporters entered the scheme for the first time
- Businesses that received grants generated $3.6 billion in exports
- 17 percent of grants were to rural and regional Australia
- 74 percent of recipients had turnover of less than $5 million
- Clients have consistently given the scheme a satisfaction rating of over 85 per cent.
The program, administered by AusIndustry assists small to medium sized Australian businesses expand into overseas markets by reimbursing 50% of eligible costs associated with the development of export opportunities provided that the total expenses are at least $15,000 with up to a maximum of $150,000 in grant funding.
There are nine categories of export-related costs that can be claimed under the EMDG program, including overseas marketing trips, international conference registration costs and reasonable costs of having overseas representatives act for you which may be claimed prior to generating export revenue.
Applications open on the 1st of July each year, closing on 30 November with an extension to 28 February for applications lodged under the EMDG Consultant Quality Incentive Program.
If you have incurred marketing or sales expenses in relation to markets outside Australia with the intent to, or in support of export, you may qualify for an Export Market Development Grant. Register for a complimentary grant eligibility assessment, contact your usual Hanrick Curran Adviser or call 07 3218 3900 and ask for Jamie Towers.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.