Market Readiness Assistance Grant

Expanding your business into international markets can be a rewarding endeavor, but it often comes with challenges and costs. To support Singapore companies in their global ventures, the Singapore government has introduced the Market Readiness Assistance (MRA) Grant. In this article, we will provide an overview of the MRA Grant, its benefits, eligibility criteria, and guide you through the process of applying for this valuable assistance.

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Topics To Be Discussed

Key Facts about the MRA Grant

Benefits of the Singapore MRA Grant

Eligibility Criteria for the MRA Grant

How to Apply for the MRA Grant

Key Facts about the MRA Grant

The Market Readiness Assistance Grant is an initiative by Enterprise Singapore, aimed at helping local businesses venture into overseas markets and seize global opportunities. It provides financial support and guidance to companies as they explore and establish their presence in new markets. There are 3 components to the MRA grant, each with a distinctive purpose to accelerate growth in the new target market, i.e. support for overseas market set-up, identification of overseas business partners, and overseas market promotion. The application is open until March 31, 2025.

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Award Amount

Up to S$100,000

Timeline

Applications must be made 6 months before the start of the project. Application usually takes 8-12 weeks to process.

Key Requirements

1. Company registered in Singapore;

2. New market entry;

3. 30% or more local shareholding;

4. Less than 200 employees OR

5. Less than S$100M revenue

Benefits of Singapore Market Readiness Assistance (MRA) Grant

The MRA grant alleviates the financial burden of expanding into new overseas markets by defraying the costs associated with overseas market promotion, business development, and set-up. Eligible companies can receive up to 50% of their eligible costs covered by the grant.

The grant has a cap of S$100,000 per company per new market, ensuring that businesses have access to substantial financial support as they venture into international markets. The grant covers the following activities:

Overseas market promotion (capped at S$20,000)
Overseas business development (capped at S$50,000)
Overseas market set-up (capped at S$30,000)

Please note the following factors:

Single Activity per Overseas Market: Each MRA grant application is limited to one activity in a single overseas market.
No Pre-Approved Vendors: Unlike some other grants, the MRA grant does not require companies to choose from a pre-approved list of vendors. This provides flexibility and allows businesses to engage with vendors and consultants of their choice. The only exception to this rule is for Free Trade Agreement (FTA) and Trade Compliance consultants. For these specific services, applicants should choose a consultant from EnterpriseSG's list of approved consultants.
Audit Support: All MRA claims are subject to audit by an auditor from EnterpriseSG's Pre-Qualified Panel. The cost of the audit, starting from $200, depending on the audit's scope, is supported by EnterpriseSG, as per the Letter of Offer. Companies should ensure that all necessary documents, including the Letter of Offer and addendum letters, are submitted to their selected auditor prior to submitting claims via the Business Grant Portal.

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Eligibility Criteria for MRA Grant Singapore

To be eligible for the MRA Grant, companies must meet the following criteria:

Company incorporated in Singapore and operates here.
Company has at least 30% local equity held directly or indirectly by Singapore PRs or citizens, determined by the ultimate individual ownership.
New to target overseas market: The company is entering a target overseas market for the first time.
The company's annual sales in the target market must not have exceeded S$100,000 in any of the preceding three years.
Company has a Group Annual Sales Turnover not exceeding S$100 million OR a Group employment size not exceeding 200 employees.

The following activities are supported:

This encompasses a range of activities aimed at enhancing brand visibility and increasing awareness among potential clients in the target country. These activities include:

Overseas Physical Trade Fairs: Involves renting space and designing and constructing booths, with a maximum size limit of 36 square meters.
Virtual Trade Fairs: Encompasses virtual exhibition halls and access to booths, along with the creation of marketing collateral and facilitation of business meetings or matching sessions.
Overseas Marketing and PR Activities: Involves various promotional initiatives such as in-store promotions, road shows, pop-up stores, and advertisements.

This category covers activities that assist companies in securing new business opportunities in the target country. These activities include:

Business Matching: Identifying potential partners and B2B customers, such as licensees or franchisees, agents and distributors, joint venture partners, and cross-border logistics partners.
Overseas Marketing Presence: Conducting marketing and business development activities through an employee based in the target market.
In-Market Business Development: Includes training personnel responsible for business development in the target market, prospecting for new business leads, implementing market entry activities, and reviewing market strategy.

This category includes activities that support companies in establishing their presence in a new market. These activities comprise:

Market Entry Support: Encompasses covering expenses related to advisory services, legal support, and documentation required for intellectual property application, filing, and registration. This also includes expenses related to establishing sales or representative offices or equity entities, as well as obtaining import and export licenses.
FTA and Trade Compliance Consultancy: Involves providing consultancy, advisory services, and legal support for ensuring compliance with FTAs and trade regulations. This includes assistance with customs compliance, export controls, sanctions, and product Harmonized System HS classification.

How to Apply for MRA Grant

Applying for the MRA Grant is a structured and straightforward process. To successfully apply for the incentive, follow the step-by-step guide below:

Access the Business Grants Portal and sign in using your CorpPass account. Fill out the MRA Grant application form provided on the portal. Provide accurate and detailed information about your company, proposed overseas market entry activities, projected outcomes, and the funding required. Note that the application usually takes 8-12 weeks to process, and ESG may reach out to you for any necessary clarifications.

Receive Your Letter of Offer:

If your grant application is successful, you will receive a Letter of Offer containing details such as the conditions of support, the granted amount, and the project qualifying period.
Ensure that you accept the Letter of Offer within the specified timeline.

Submit Your Claims:

Once you have completed your project and achieved the project deliverables, engage an auditor from Enterprise Singapore's Pre-Qualified Panel. After the audit is completed, submit your claim on the Business Grants Portal by the claim submission deadline stated in your Letter of Offer.

Upon approval of your claim, you will receive an email notification. The approved claim amount will be disbursed within 6-8 weeks via GIRO to your designated bank account.

By following these steps and fulfilling the necessary requirements, you can navigate the application process for the MRA Grant effectively and maximize your chances of securing financial support for your international business expansion.

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How We Can Help with the Singapore MRA Grant

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Our team of Incentives consultants is here to assist you throughout the application process, ensuring that your submission effectively showcases the essential aspects of your project and enhances your chances of receiving an award. Collaborating closely with our consultants, you will provide them with the necessary information, and together, we will prepare and submit your application. Discover more about our comprehensive Incentives services and how they can benefit your business.

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This series of articles regarding Singapore government incentives was prepared by CorporateServices.com, a leading Singapore-based corporate service provider. We offer a range of services for private limited companies in Singapore. Our team of experienced experts provides Singapore company registration and other incorporation-related services through our cutting-edge online platform.

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