The Austrade is a pretty well-known governmental agency that businesses deal with across Australia, but how does the Austrade figure in the Australian economy, as a whole? My Business explores Austrade and its integral position in the business and export industry.
The Australian Trade and Investment Commission (Austrade) is an institution which assists Australian businesses in different sectors, such as education and tourism, and deals with and regulates the export of goods and services. Moreover, the Austrade also aims to win foreign direct investments and provides consular services for businesses.
What does Austrade do?
Australia-based businesses who are gearing up towards internationalisation or foreign companies who are looking to do business in Australia can benefit from Austrade’s export-based services.
Austrade can help Australian businesses and exporters earn foreign regulations and business practices. Foreign corporations who are interested in setting up their business in Australia can also be assisted by the Austrade when it comes to sourcing Australian goods and services.
Austrade services eligibility
Australian businesses with a registered Australian Business Number (ABN) who are interested in seeking assistance from Austrade are considered eligible.
However, Austrade only provides assistance to businesses that undertakes international business ventures beneficial to the Australian economy. These businesses must comply with the applicable rules and regulations, particularly anti-bribery laws.
The agency also provides a self-assessment examination for business owners who want to determine if their business is indeed eligible to avail of Austrade’s services.
Austrade services for exporters
Austrade provides primary assistance and information to save time, money, and effort of Australian businesses when it comes to exporting and international business expansion.
More specifically, Austrade provides various information with regards to the basics of exporting and what export markets are best suited for a particular business.
Australian businesses can also access the Austrade’s website to learn about export opportunities, devise their own export strategy and learn about international trade shows where business owners can showcase the products and services of their business.
The Export Market Development Grant, also known as the Austrade EMDG, is a financial assistance program designed for Australian exporters who want to introduce their goods and services into the international market. The Austrade EMDG has a scheme which aims to support Australian small and medium enterprises (SMEs) in entering the export market.
The Austrade EMDG also assists Australian businesses to boost international sales by increasing marketing and promotion expenditures. The grant also gives SMEs opportunities to enter global value chains.
A business will be considered eligible for the Austrade EMDG if the business has successfully done business in Australia, has promoted exporting goods, has an income of less than $50 million per annum and has spent a minimum of $15,000 on export promotional ventures.
Once approved, Austrade EMDG recipients will be able to gain financial assistance and coverage on various expenses, from overseas representation, promotional expenses to marketing consultant expenses.
Austrade services for foreign investors
Aside from encouraging Australian businesses to enter the international market, Austrade also facilitates the entry of foreign direct investment (FDI) into the country.
Austrade’s assistance services for international investors wanting to do business in Australia includes market intelligence and research, site visits for business locations, orientation on Australian business rules and regulations, government processes and approval assistance, and identification of potential Australian business partners.
Austrade tourism services
The Australian tourism economy benefits significantly from the influx of investors who do business in the country. Austrade contributes to the growth of Australian tourism by creating policies and providing research for foreign investors.
Austrade also works with Tourism Australia to attract investors interested in setting up tourism infrastructure and helps industry investments by providing tools for the tourism industry to effectively compete in the international economy.
Business owners who are looking into entering the global export market or are preparing for globalisation are encouraged to seek assistance from institutions such as Austrade in order to lessen the burden of venturing alone into the export market.
For further clarifications, business owners are encouraged to consult with professionals to discuss their options prior to availing Austrade’s services.
- Analysis: How likely is an interest rate cut in June?
By Adam Zuchetti
- Workplace wellness is the real trickle-down economics
By Adam Zuchetti
- Opinion: Why do so many claim to represent small businesses?
By Adam Zuchetti