“We’ve golden soil and wealth for toil;
Our home is girt by sea…”
The splendid use of “girt” makes this one of the more memorable lines from the National Anthem. It’s also a line that suggests there’s a boundary to our natural resources. But if you own an Australian small business, your opportunities for future growth and wealth may lie beyond our borders.
Even better, if you’re looking to expand your business by exporting overseas, you may be eligible for an Export Market Development Grant (EMDG) from the Australian government.
So here are a few things you need to know about the EMDG and what it could do for your business.
What is the EMDG?
The Export Market Development Grant is an Australian government scheme designed to assist small businesses to enjoy the many benefits of expanding your business overseas, but without the worry of covering the full financial risk yourself.
Importantly, EMDGs aren’t just available if you’re exporting products, services or intellectual property overseas. You may also be eligible for an EMDG if you’re promoting inbound tourism or events that will occur in Australia.
What does it Cover?
Your Export Market Development Grant can cover up to 50% of your export promotion expenses.
Eligible expenses include engaging marketing consultants or overseas representatives, funding marketing visits or promotional communications/advertising, registering intellectual property, participating in trade fairs, distributing free samples or bringing overseas buyers to Australia.
Some expense categories come with their own rules. However, generally you must spend over $15,000 and you can be reimbursed for up to half of your expenses over $5,000. If you’re a first-time applicant, you can incur these expenses over two years rather than one.
And yes – we said first-time applicant. You can actually apply for up to eight EMDGs.
How does it Help?
With an Export Market Development Grant, you can mitigate some of the financial risk of taking your business overseas.
Alternatively, an EMDG may help you to spend more on your marketing that you’d otherwise be able to do.
Either way, an EMDG can help you make the move into foreign markets, and increases your likelihood of exporting success.
How do You Apply?
The first step in applying for an Export Market Development Grant is to assess your eligibility. With so many different expense categories and eligibility pathways, many businesses are completely unaware that they’re eligible – and you may be surprised by what you can claim. As such, we recommend you speak to a registered EMDG consultant to determine if you’re eligible. (Yes, we’re registered.)
If you’re eligible for an EMDG, the next step is to prepare and lodge your application. Time is of the essence. If you’re self-lodging for financial year 2016, you need to do so before 30 November.
Why Use a Consultant?
In addition to the benefits described above, by working with an EMDG Consultant, you can ensure that your application is professional, eliminate the stress of managing the process yourself and maximise your chances of success.
It’s Time to Export
Expanding your business overseas can be a great way to access bigger markets, improve your profits and withstand fluctuations in the local economy.
And with an Export Market Development Grant, it’s easier to take your business overseas.
So, what are you waiting for? Discover if you’re eligible for an EMDG today.
What White & Black Does
If you want assistance with applying for an EMDG – or determining if you’re eligible – White & Black Chartered Accountants can help. As registered EMDG Consultants, we love helping business’s minimise the financial risks of exporting overseas. To learn more, contact us today on (07) 3358 1176.