To tap onto the countless possibilities of what international markets can offer in terms of cost, revenue, technology, human resources and the like, the Singapore government launched the Market Readiness Assistance (MRA) grant.
MRA grant was launched in 2015 to provide funding to companies who wish to internationalise and grow. The grant is a cushion for aspiring SMEs to take the challenge and the risks involved in expanding abroad.
To facilitate this, International Enterprise Singapore (IE Singapore), a government agency, has been set up to help Singapore-incorporated companies establish a global presence.
This grant helps Singapore companies’ internationalisation efforts by funding various business development and marketing activities (qualifying activities).
A company should meet the following criteria to receive the MRA grant:
Currently, up to 70% of eligible costs, capped at S$100,000 per company per new Market, can be claimed. Eligible activities include:
IE Singapore outlines the following steps for applying for the MRA grant:
2. Application procedure:
You can find additional details of the application process and the MRA grant on IE Singapore’s website
The government of Singapore acts as a catalyst for aspiring SMEs of Singapore. It provides sufficient funding via MRA grant to aspiring SMEs who are ready to take the challenge and the risk of venturing into an overseas market.
Once the SME/local business identify a potential market for business, it is best to seek professional help which can help them guide the step-by-step application process for the MRA grant.
The following list is non-exhaustive:
The business plan where cost quotations for eligible activities are calculated is the most significant difficulty as they break every part down for detailed analysis.
However, application process is easy and online through the Business Grants Portal.
Due to many grant applications submitted in the first quarter of 2022, you may encounter a longer processing time than usual.
As of July 2022, ESG is experiencing high volume and will take 3-4 months to respond, sometimes up to 6 months. During this time, ESG will revert with additional questions, and your MRA consultant will liaise with the officer.
All claims can only be made once the cost quotation arrives and must be done within three months from the project end date.
Companies previously aided by the MRA will continue getting support, if the overseas sales have not surpassed SGD100,000.
Yes, you can send directors overseas and claim under the MRA grant. Directors must be under the company’s payroll during the project period to claim their salaries of up to S$50,000.