Grant Overview
Understand how this grant can help you in your company’s digital transformation strategy
A Comprehensive Guide to the Market Readiness Assistance (MRA) Grant for Expanding Organizations from Singapore to Overseas
Expanding your organization from Singapore to overseas markets can be a transformative step towards growth and success. To support companies in this endeavor, the Government of Singapore offers the Market Readiness Assistance (MRA) Grant. This grant aims to defray costs associated with overseas market promotion, business development, and set-up, providing valuable financial support to eligible Singaporean companies. In this comprehensive guide, we will delve into the details of the MRA Grant, its benefits, eligibility criteria, and the application process.
Understanding the Market Readiness Assistance (MRA) Grant:
The MRA Grant is a government initiative that helps Singaporean companies expand into new markets overseas. It provides financial assistance by covering up to 50% of eligible costs for local SMEs. The grant is divided into three categories:
- Overseas Market Promotion: This category supports the costs of promoting products or services in new markets, with a cap of S$20,000 per company per new market.
- Overseas Business Development: This category covers expenses related to business development activities such as market research, partner search, and participation in trade fairs or business missions. The maximum grant cap for this category is S$50,000 per company per new market.
- Overseas Market Set-up: Companies can also receive financial support for setting up operations in new markets, including expenses for office space rental, legal and professional services, and market entry registration. The maximum grant cap for this category is S$30,000 per company per new market.
- Eligibility Criteria for MRA Grant:
- To qualify for the MRA Grant, companies must meet certain criteria, which include:
Eligibility Criteria for MRA Grant:
- Business entity registered and operating in Singapore.
- At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s).
- New to the target overseas market.
- Annual sales in the target market must not have exceeded S$100,000 in any of the preceding three years.
- Group Annual Sales Turnover not exceeding S$100 million or Group employment size not exceeding 200 employees.
- Application Process for MRA Grant:
Applying for the MRA Grant involves several steps:
Application Process for MRA Grant:
Applying for the MRA Grant involves several steps:
- Identify the target overseas country: Before applying, it is essential to identify the specific overseas market you intend to expand into. The annual sales in that market should not have exceeded S$100,000 in the past three years.
- Choose the appropriate activity: Determine whether your company requires support for overseas market promotion, business development, or market set-up. It is crucial to select the relevant activity to align with your expansion plans.
- Prepare the necessary documents: Before submitting your application, ensure all required documents, such as the Letter of Offer and addendum letters, are complete and ready for submission.
- Apply on the BusinessGrants Portal (BGP): Sign in to your Corppass account to access the BGP portal and submit your MRA Grant application. The processing time for each complete application is typically between 8-12 weeks.
- Receive the Letter of Offer: If your grant application is successful, you will receive a Letter of Offer specifying the conditions of support, awarded grant amount, and project qualifying period. Make sure to accept the Letter of Offer within the specified timeline.
- Submit your claims: After completing the project and achieving the deliverables, engage an auditor from EnterpriseSG's Pre-Qualified Panel to complete the audit process. Once audited, submit the claim through the BGP by the deadline mentioned in your Letter of Offer.
- Receive disbursement: Once approved, you will be notified via email, and the approved claim amount will be disbursed within 6-8 weeks directly to your designated bank account through GIRO.
- The Market Readiness Assistance (MRA) Grant is an invaluable resource for Singaporean companies looking to expand their operations overseas. By defraying costs related to market promotion, business development, and set-up, the grant facilitates international expansion and provides a competitive advantage. Eligible companies should seize this opportunity to take their businesses to new heights by leveraging the support offered by the MRA Grant.
- For more details and to apply, visit the Business Grants Portal and embark on your journey towards global success.
The Market Readiness Assistance (MRA) Grant is an invaluable resource for Singaporean companies looking to expand their operations overseas. By defraying costs related to market promotion, business development, and set-up, the grant facilitates international expansion and provides a competitive advantage. Eligible companies should seize this opportunity to take their businesses to new heights by leveraging the support offered by the MRA Grant.
For more details and to apply, visit the Business Grants Portal and embark on your journey towards global success.
Outcomes and Impacts
- Easily grow your business in the new market to increase leads, sales, and revenue
- Focuses on building a strong foundation for your brand, which in turn increases brand equity in a new market
- Build trust and authority with your customers, and develop a strong reputation to be competitive in the market
