There are quite a few grants, incentives and assistance programs for the beauty & cosmetics industry sector sponsored by the Federal and State governments of Australia. Most of these grants are aimed at encouraging SMEs looking to widen their businesses through exports, producing innovative products and increasing the market of cosmetics made in Australia internationally. In this article we will discuss about some of these grants and their eligibility criteria.
One of the Federal government funded grants aims at encouraging Australian cosmetic industries that are active in exporting their products to countries that have a huge potential to grow support businesses. Under this grant beauty & cosmetics industries can claim up to 50% of eligible export promotion expenses above $5,000. Funding for the scheme will increase by $60 million over three years from 2019–20. The funding is designed to help Australian companies get more exposure in international markets, allowing them to develop brand recognition and form relationships with potential customers in Asian countries having younger population.
Eligibility Criteria: To be eligible for this grant, industries must
- have an ABN
- be registered for GST
- be actively exporting or on the lookout to export and their promote their innovative products internationally
One of the assistance programs offered by the Federal government allows cosmetic product sellers to import cosmetics which have less than 20% of animal components without any import permit. This program is intended to decrease the amount of time invested by the businesses to get a permit from the concerned authorities to import organic cosmetics that are useful for the Australians.
To be eligible for importing such cosmetics into Australia, businesses must produce declaration:
- from the manufacturer that the products have less than 20% of animal components
- on the company’s letterhead
- with a signature of one of the company’s senior employees
- in English without any uncertified alterations
One more grant funded by the Australian Federal government, though it does not directly fund cosmetic companies, it encourages the banks to provide additional funding to smaller banks and non-bank lenders to allow small and medium-sized cosmetic businesses borrow money on more competitive terms. A total funding pool of $2 billion will be available as soon as the project is announced. The program is expected to run for five to ten years and will be reviewed after two years to decide if more funds are needed. Please keep in touch with one of our advisors to know more about this grant.
Above mentioned are only some of the many incentives and assistance programs sponsored by the Australian state and federal governments to encourage the beauty & cosmetics industry sector in Australia. To know more about such grants please speak to one of our advisors.