If you are a business person and the idea of expanding your services overseas fascinates you… then you will consider EMDG as one of the best things that could have happened to your business.
But hey, what’s EMDG? Let’s get straight into knowing a bit about it.
Export Market Development Grants (EMDG) is a scheme designed by the Australian Government to help small and medium-sized businesses of Australia expand their work and services outside the country as well.
I know that right now you are very excited to know about its benefits.
The benefits of EMDG is that if you are an Australian business person and you want to expand your business outside Australia, you don’t have to worry about carrying the full burden of the financial risk yourself!
Yes, Government is there to help you out. Sounds amazing? Isn’t it?
Want to dig deeper to know about the unheard benefits of EMDG? Let’s go!
4 Unheard Benefits of EMDG
You already know a bit about the amazing scheme started by the Australian Government to help small and medium-sized salesman, let’s know some more benefits that you were almost unaware of –
1. Businesses promoting inbound tourism and events are eligible for EMDG as well
If you thought the benefits of EMDG were only meant for the big businesses and rich business tycoons, you were wrong.
EMDG was designed specially to help small businesses. Thus, the eligibility criteria for leveraging the advantages are not very rigid.
If your business is into promoting Australian made goods, services, IP and know-how, and other imported goods that meet various criteria, then you are eligible for EMDG.
Not only that, even if you are promoting inbound tourism and events that are going to take place in Australia, you are eligible for enjoying the benefits of EMDG as well.
2. Export Market Development Grand can cover up to 50% of your expenses required for export promotion
If you are not totally aware of the eligible expenses granted by the Export Market Development Grand, here I am to help you out.
The eligible expenses include –
- Funding marketing visits.
- Intellectual property registration.
- Free samples distribution.
- Engaging Marketing consultants.
- Bringing overseas buyers to Australia.
- Funding promotional communication.
- Entrance in trade fairs and exhibitions.
- Engaging overseas representatives.
EMDG can cover 50% of your expenses required for eligible promotional expenses.
Suppose, your total expenses are $15,000. There are chances that above $5000 of your total expense can be eligible to be reimbursed.
Other than that, you are eligible to apply 8 times. If it’s your first time applying for an EMDG, you can enjoy the benefit of incurring the expenses for 2 years instead of 1.
3. Provides sufficient time to submit applications
Apart from offering all the other monetary benefits, you are also getting an ample amount of time to submit your application.
You are getting the time of 5 months, that is, 1st July to 30th November.
The time provided gives you the freedom to think thoroughly and decide whether you want to invest in exporting your products/services or not.
But be careful… if you are looking forward to self-lodge your EMDG application for the next year, you have to do it before 30th November or wait for a year to start with your new venture overseas.
4. It makes your access to bigger markets and greater revenue easier
As the Export Market Development Grant is there by the side of small and medium businesses and helping them with their export expenses, more and more businesses are coming forward to make their business accessible all around the map.
Expanding your business and making it reach overseas ensures that your entrance into a variety of bigger markets which obviously makes a direct impact on the revenue.
It also helps to persist in the times of local fluctuations and hits the right audience which truly needs your services and products.
Takeaway
Now that you know all about the benefits of EMDG, you are fully aware that it’s the right thing for you if you are planning to expand your business overseas.
Working with an EMDG consultant and professional like Rimon’s EMDG and R&D tax incentive grant consultants will make sure that your application has all the required data and also help you throughout the process.
