Introducing Market Readiness Assistance (MRA) Grant
Increasing your enterprise into global markets may be a worthwhile undertaking, but it often comes with demanding situations and fees. To help Singapore SMEs of their worldwide ventures, the authorities of Singapore has introduced the Market Readiness Assistance (MRA) Grant. In this text, we are able to give you a top-level view of the MRA Grant, its offerings and eligibility standards, and guide you via the system of making use of this precious support.
Important Facts About the MRA Grant
The Market Readiness Assistance (MRA) Grant is an initiative of Enterprise Singapore to help local companies penetrate foreign markets and take advantage of global opportunities. It provides financial support and advice to companies exploring and establishing new markets. The MRA Grant covers 3 key overseas market expansion activities namely Market Promotion, Business Development and Market Set-up, each with the specific purpose of accelerating growth in a new target market, i.e Business Matching to identify potential partners and B2B customers and In-market Business Development to reach out to new business leads and implement new market-entry activities. Application deadline is March 31, 2025.
What are the benefits of the Singapore Market Readiness Assistance (MRA) Grant?
The MRA Grant alleviates the economic burden of expanding into new markets by means of defraying the expenses related to overseas market promotion, enterprise development, and set-up. Eligible SMEs can receive as much as 50% support inof their eligible costs covered by the grant.
The grant is capped at S$100,000 per company per new market, ensuring that companies receive adequate funding as they venture into global markets. The support 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 important terms and conditions:
- Audit Support Guarantee: All MRA Grant claims are subject to audit by an auditor. Audit fees start from $230, depending on the audit’s scope being carried out. 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 Official Business Grant Portal.
- Single Activity for Each Overseas Market: Each MRA grant application is limited to one activity in a single overseas market.
- No Pre-Approved Vendors: Different with some other grants, the MRA grant does not require companies to choose from a pre-approved list of vendors. This makes it easy for businesses to engage with the vendors and consultants they choose. However, this does not apply for Free Trade Agreement (FTA) and Trade Compliance Consultant. For these specific services you can visit our website for the list of approved consultants.
Eligibility Criteria For MRA Grant Singapore
In order for a company to be eligible to receive an MRA Grant, the company must meet the following criteria:
- The company is registered and operating in Singapore.
- The company has at least 30% local equity held directly or indirectly by Singapore PRs or citizens, determined by the ultimate individual ownership.
- The company is entering an overseas target market for the first time or is new to the target overseas market.
- Company’s annual sales in the target market does not exceed S$100,000 in the previous three years.
- The company’s Group Annual Sales Turnover does not exceed S$100 million OR the Group’s employees does not exceed 200.
How Bizsquare Can Help with the Singapore MRA Grant?
Bizsquare can help your company grow with the MRA grant Singapore.
Our consultants are here to assist you throughout the application process, ensuring that your submission effectively showcases the most important aspects of your project and enhances your chances of receiving the grant. Collaborate closely with our consultants, provide them with the necessary important information, andwe will prepare everything and submit your application with the best readiness. Our team has developed a suite of overseas new market entry services that help you best identify the programs that match your company’s profile. Discover more about our comprehensive services and how they can benefit your business. Consult us immediately to seize early market entry opportunities with us.
