How to Apply for MRA Grant Singapore: A Step-by-Step Guide
Are you a Singaporean business owner planning to expand your reach beyond local shores? You’re not alone. According to the Department of Statistics Singapore, Singapore’s total exports hit SGD 515.3 billion in 2023, demonstrating how crucial overseas business development is for local enterprises. However, expanding into international markets isn’t without its challenges—from understanding foreign regulations to market entry costs. That’s where the Market Readiness Assistance (MRA) Grant in Singapore comes in.
The MRA Grant Singapore is designed to support small and medium-sized enterprises (SMEs) in their overseas ventures by providing financial assistance for market entry, branding, and business development. The initiative has helped over 2,000 businesses as of 2024, with funding of up to 70% of eligible costs. With the increasing interest in global markets, the grant has been pivotal in helping businesses grow sustainably.
If you’ve been eyeing business expansion with MRA Grant as your stepping stone, this guide is for you. Below, we break down everything you need to know—from eligibility criteria to application steps—so you can tap into this opportunity and maximize your overseas business development potential.
What Is the MRA Grant?
The Market Readiness Assistance (MRA) Grant is a government-funded initiative under Enterprise Singapore that provides SMEs with financial support for their international expansion. The grant focuses on three key areas:
- Overseas market promotion
- Overseas business development
- Overseas market setup
Through this grant, eligible businesses can receive up to 70% funding, capped at SGD 100,000 per company per new market, until 31 March 2026. The funding covers services such as market research, legal fees for market entry, and marketing activities. A trusted MRA grant consultant can help you identify which areas your business can benefit from the most.
To help Singaporean companies thrive in the global market, Enterprise Singapore offers the Market Readiness Assistance (MRA) Grant to support local businesses by covering associated financial costs. By learning about the grant’s guidelines and eligibility criteria, you can improve your chances of a successful application.
Going overseas is a goal for many businesses, but the high capital costs and lack of support can make it challenging. The MRA Grant can fund and support your business’ expansion into international markets, providing a significant boost for SMEs aiming to scale globally.
Latest Updates on the MRA Grant Singapore
As of 2024, several updates have been made to the MRA Grant to further enhance its effectiveness:
- The grant cap has been increased from SGD 70,000 to SGD 100,000 per new market.
- The enhanced MRA Grant will now be available until 31 March 2025.
- The grant support level has been adjusted from 70% to 50%.
- The grant period has been extended from 12 months to 18 months.
- The eligibility criteria have been relaxed, allowing companies with an existing overseas presence or overseas sales to apply for MRA support.
Read also: The Rise of Overseas Expansion in the Post-Pandemic Era
Benefits of the MRA Grant Singapore for Business Expansion
The MRA Grant Singapore offers a host of benefits, making it a valuable tool for SMEs looking to scale internationally. Here are some of the advantages:
1. Financial Support
Expanding into a new market can be costly. The grant’s funding support reduces financial risks, allowing you to focus on executing your overseas business development plans.
2. Support for Various Activities
The grant offers funding for:
- Overseas market promotion (capped at SGD 20,000 per new market), which includes trade fairs, virtual exhibitions, marketing campaigns, and PR activities.
- Overseas business development (capped at SGD 50,000 per new market), such as business matching, in-market business development, and marketing presence.
- Overseas market setup (capped at SGD 30,000 per new market), including market entry support, intellectual property applications, and trade compliance consultancy.
3. Improved Accessibility
With relaxed eligibility criteria, even companies with an existing overseas presence can now apply, ensuring that more businesses can benefit from the grant.
Eligibility Criteria for the MRA Grant Singapore
Applying for the MRA Grant Singapore can be competitive, so it’s crucial to ensure your business meets the eligibility criteria:
- Singapore Registration: The business entity must be registered and operating in Singapore.
- Local Shareholding: At least 30% of the company’s shareholding must be directly or indirectly held by Singaporeans or Singapore Permanent Residents (PRs), as determined by the ultimate individual ownership.
- New Market Requirement: The company should be new to the target overseas market.
- Market Sales Cap: The company’s annual sales in the target market must not exceed SGD 100,000 in any of the preceding three years.
- Group Sales and Employment: The group’s annual sales turnover should not exceed SGD 100 million, and the group’s total employment size must not exceed 200 employees.
How to Apply for the MRA Grant Singapore
The application process for the MRA Grant involves the following steps:
Step 1: Identify Your Target Overseas Market
Choose the market you wish to enter. Ensure that your company’s annual sales in this market do not exceed SGD 100,000 over the past three years.
Step 2: Identify the Activity and Select a Vendor
Decide which activity you are applying for and choose a suitable vendor. The activities include:
- Overseas Marketing and PR Activities: Examples include in-store promotions, road shows, pop-up stores, and launching campaigns on social media or other media platforms.
- Overseas Physical and Virtual Trade Fairs: Participation in trade fairs to promote your products/services.
- Identification of Potential Overseas Partners: Identify partners such as agents, distributors, joint venture collaborators, or franchisees.
- In-Market Business Development: Outsource business development services overseas.
- Overseas Marketing Presence: Deploy staff overseas for business development.
- Market Entry: Cover legal, advisory, and documentation costs for intellectual property, incorporation, and trade licenses.
- FTA & Trade Compliance Consultancy: Seek consultancy on customs compliance, export controls, and product classification.
For full details on supportable costs and deliverables, refer to EnterpriseSG’s official document.
Please note, there are no pre-approved vendors for the MRA Grant, except for FTA & Trade Compliance Consultancy projects. For these, you must select from Enterprise Singapore’s approved list of consultants.
Step 3: Prepare Your Documents
As part of your application, ensure you have the following documents ready:
For All Activities (except Overseas Marketing Presence):
- Company’s financial statements (audited or unaudited) for the past three years, signed by an authorized individual.
- If part of a corporate group, provide:
- Financial statements for the ultimate corporate group.
- ACRA Bizfile of holding companies/subsidiaries.
- Corporate group structure.
- Complete SGX shareholder report (if applicable).
- Consultant/vendor proposal, including:
- Detailed scope of services.
- Cost breakdown by scope.
- Project deliverables.
- Consultant/vendor credentials and past project records (not required for EnterpriseSG-approved FTA consultants).
For Overseas Marketing Presence Projects:
- Company’s financial statements (as above).
- Corporate group details (if applicable).
- Employment/appointment letter for the deployed staff.
- Office space rental quotation (if applicable).
Step 4: Submit Your Application via the Business Grants Portal (BGP)
Sign in to the BGP portal using your CorpPass account. If you don’t have a CorpPass account, refer to this user guide to set one up.
Please note that third-party companies are not allowed to apply or manage the grant on behalf of applicant companies.
Read also: Empowering Entrepreneurs: Facilitating Business Setup in Indonesia with MRA Grant
After Applying: Next Steps
Step 5: Receive Your Letter of Offer
If your grant is approved, your company will receive a Letter of Offer containing key details:
- Conditions of support
- Amount of grant awarded
- Project qualifying period
- Project deliverables
You must review and accept the Letter of Offer within the specified timeline.
Step 6: Complete Your Project
Ensure all deliverables outlined in your application are met as proof of project completion. If there are changes to the project, such as adjustments to timelines, costs, or vendors, you must submit a change request through the Business Grants Portal (BGP). Failing to do so may delay the claims process.
Refer to this step-by-step guide for submitting change requests.
Step 7: Complete the Audit
After project completion, you must engage an auditor from Enterprise Singapore’s Pre-Qualified Panel to verify your claims. Audit costs start at SGD 200 and are supported up to 50%, capped at SGD 500. Documents required for the audit include:
For All Activities:
- Statement of Claim
- Invoice(s)
- Proof of payment, such as:
- Bank or credit card statements
- Bank advice slips (e.g., for telegraphic transfers)
- PayNow or GooglePay transaction details
- Photocopies of cheques or payment vouchers
Additional Documents for Overseas Marketing Presence Projects:
- Employment letter or agreement for business development staff
- Payslips or CPF statements
- Proof of overseas presence, such as:
- Passport copies showing entry and exit dates
- Lease agreements for residential or office space
Step 8: Submit Your Claims
Once the audit is complete, submit your claims via the BGP. Required documents include:
- Audit report
- Statement of Claim (endorsed by auditor)
- Proof of project deliverables as stated in the Letter of Offer
Refer to this step-by-step guide for claim submission.
Step 9: Receive Your Disbursement
Once your claim is approved, the grant amount will be disbursed to your designated bank account. Payment processing takes approximately 14 working days via PayNow Corporate or up to eight weeks via GIRO.
Setting Up PayNow Corporate
PayNow Corporate is the preferred mode for faster disbursement. To set up:
- Contact your bank or log in to your bank’s internet banking.
- Link your UEN to the bank account and create a 3-digit alphanumeric suffix (if needed).
- Submit your PayNow details through the BGP claim form.
GIRO Payment Option
Alternatively, you may submit your bank details via FormSG for GIRO disbursement. Note that GIRO payments may take up to eight weeks after claim approval.
The MRA Grant Singapore is a powerful tool for businesses looking to explore global markets. By providing financial support for overseas business development activities, it reduces the risks and challenges associated with international expansion. Whether you’re new to exporting or looking to solidify your presence in foreign markets, the MRA Grant can be a game-changer.
To ensure a smooth application process and maximize your funding potential, consider engaging an MRA grant consultant. With the right strategy and resources, your business expansion with MRA Grant can unlock endless possibilities for growth and success.
Take Action with Bizsquare Today
Looking to streamline your MRA Grant application and expand your business into Southeast Asia? Bizsquare is here to help! As an experienced MRA grant consultant, we specialize in assisting businesses in Singapore to navigate the grant process and secure funding for overseas ventures.
With Bizsquare, you can explore new opportunities in growing markets like Indonesia, Malaysia, Vietnam, and Laos. From business matching services to developing market entry strategies, we’re committed to making your business expansion with MRA Grant seamless and successful.
Whether it’s securing an MRA grant to Indonesia or enhancing your business presence in Southeast Asia, Bizsquare offers tailored solutions to fit your needs. Don’t let the complexities of the application process hold you back—partner with us to achieve your international business goals.
Contact Bizsquare today to kickstart your overseas journey and take full advantage of the MRA Grant Singapore!
