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MARKET READINESS ASSISTANCE (MRA) GRANT

RECEIVE UP TO $100,000 TO EXPAND YOUR BUSINESS OVERSEAS WITH MARKET READINESS ASSISTANCE (MRA) GRANT

What is MRA Grant

Local businesses looking to go worldwide can apply for the Market Readiness Assistance (MRA) Grant, a program provided by Enterprise Singapore. Companies that incur costs on eligible activities when they expand their business abroad are eligible for the grant supported by the government.

 

Eligibility / Requirement

A company has to fulfill the following criteria to be eligible for the MRA grant:

    • Business entity is registered/incorporated in Singapore
    • New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years
    • At least 30% local shareholding
    • Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees

Benefits of the Grant

The MRA grant offers funding equal to 70% of the third-party costs that companies incur on qualifying activities when they venture overseas. Capped at S$100,000 per company per new market *from 1 April 2020 to 31 March 2023 that covers:

  • 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)

Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)

    Qualifying Activities

    • Overseas marketing and PR activities
    • Participation in Overseas Physical and Virtual Trade Fairs NOT supported under LEAD International Fairs & Missions (LEAD)
    • Business matching
    • Overseas Marketing Presence (OMP)
    • In-market Business Development
    • Market Entry

    Application Process:

    • Sign-in to the Business Grant Portal / (BGP). with your CorPass 1
    • Apply for MRA through the BGP.
    • Application must be submitted no earlier than 6 months of project start date.

    Claims:

    • All claims must be submitted within 3 months from project end date.
    • All claims must be verified by an independently appointed auditor.
    • If ESG appointed auditors are used, 70% of the audit fee (capped at $500) will be covered.
    • All claims are strictly on reimbursement basis.

    Note:

    • Applications will not be accepted if the following events took place before the application date:
      1. Signed an engagement letter with the third party consultant.
      2. Made the first payment to the third party consultant.
      3. Commenced the project with the third party consultant.

    Source:

    www.imda.gov.sg/

    Click on the link for more information

    on MRA grant or the list of supportable activities

    Click on the link for more information

    on MRA grant or the list of supportable activities

    HOW TO APPLY FOR THE MRA GRANT

    • The steps to apply for the MRA grant are listed in the roadmap below.
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