• bookmark
  • print
  • 0

  • share

    0

Market Readiness Assistance (MRA) Grant

Publisher Image

Published by Enterprise Singapore
on 17 Apr 2020

Companies looking to market products and services overseas can defray up to 70% of third-party costs through the MRA grant.

1. Overview

a. About

Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.

Eligible SMEs will receive the following support:

  • Up to 70% of eligible expenses, capped at S$100,000* per new market per applicant, within the fiscal period of FY20 to FY22 (starting 1 Apr 2020 and ending 31 Mar 2023), whereby:
    • A new market is a target overseas country where the SME applicant has not exceeded S$100,000 in overseas sales in each of the last 3 preceding years
    • Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)
    • The maximum support period for each project will not exceed 12 months

*The cap of S$100,000 per new market per applicant is further broken down into the following segments:

  1. Overseas market promotion (capped at S$20,000)
  2. Overseas business development (capped at S$50,000)
  3. Overseas market set-up (capped at S$30,000)

b. Eligibility

Companies should meet the following criteria:

  • Business entity is registered/incorporated in Singapore
  • New market entry criteria, i.e. target overseas country whereby applicant has not exceeded S$100,000 in overseas sales in each of the last 3 preceding years
  • At least 30% local shareholding
  • Group annual turnover not exceeding S$100 million per annum based on the most recent audited report, or group employment not exceeding 200 employees
Click here for full list of supportable activities.

 

2. Apply                                                   

a. Pre-application

Please note that retrospective applications will not be accepted. An application will be deemed *retrospective only if any of the following events took place before the application date:

  • Signed an engagement letter with the third party consultant
  • Made the first payment to the third party consultant
  • Commenced the project with the third party consultant

Companies must submit your applications no earlier than six months of project start date.

* Exception: Trade Fair applications may be made retrospectively (e.g. applicants may sign agreements, begin preparations, etc.) However, trade fair applications must be submitted at least one working day before the actual event day).

b. Application

Please apply through the Business Grants Portal.

 

3. Claims

Send all claims with relevant supporting documents to us through the Business Grants Portal within three months from project end date.

For all claims, it is mandatory for companies to engage an Enterprise Singapore-appointed auditor to verify the expenses. An audit grant fee will be given and is capped at S$500 or 70% of the audit fee.

All claims will be disbursed strictly on a reimbursement basis.

 

For More Info

Market Readiness Assistance (MRA) Grant

MRA Grant FAQ

Last Modified Date: 17 Apr 2020