Introduction

In today’s competitive global marketplace, expanding internationally is a crucial growth strategy for many businesses. However, venturing into new markets involves challenges such as compliance with foreign regulations, marketing to local audiences, and logistical complexities. The Market Readiness Assistance (MRA) Grant, offered by Enterprise Singapore, helps Singapore-based small and medium-sized enterprises (SMEs) manage the costs and risks associated with international expansion. This article provides an in-depth look at the MRA Grant, eligibility criteria, application process, benefits, and frequently asked questions.

Note: The MRA Grant is available until March 2025.

What is the Market Readiness Assistance (MRA) Grant?

The MRA Grant is a government initiative that aims to encourage and support Singaporean SMEs in their efforts to expand internationally. It provides financial support for activities such as market entry research, brand development, and setting up overseas operations.

• Objective: To lower the financial barriers for Singapore companies entering foreign markets.
• Funding Cap: Up to 70% of eligible expenses, capped at SGD 100,000 per company per new market.
• Scope of Assistance: The grant covers costs related to overseas market promotion, market setup, and market expansion feasibility studies.

Eligibility Criteria for MRA Grant

To qualify for the MRA Grant, businesses must meet the following conditions:

1. Company Registration:
   • The company must be registered and operating in Singapore.
2. Ownership:
   • At least 30% local equity ownership.
3. Annual Revenue:
   • The company's annual turnover should not exceed SGD 100 million, or it must have fewer than 200 employees.
4. Financial Viability:
   • The business must not have outstanding litigation or financial insolvency issues.

The MRA Grant is designed for SMEs across various industries, including technology, retail, healthcare, manufacturing, and more.

What Does the MRA Grant Cover?

1. Overseas Market Promotion:
   • Costs related to participating in international trade fairs, exhibitions, or events.
   • Public relations and advertising campaigns targeted at foreign markets.
2. Overseas Business Development:
   • Professional services for market research and feasibility studies to evaluate business potential in a new market.
   • Brand strategy development and product localization.
3. Overseas Market Setup:
   • Legal or consultancy fees related to company incorporation in the new market.
   • Cost of intellectual property registration or obtaining foreign certifications.
   • Rent for temporary office space for up to 12 months.

How to Apply for the MRA Grant

Step 1: Assess Eligibility

Before applying, ensure that your company meets the eligibility criteria listed above. It is also important to verify that the intended market is considered “new” for your business, meaning that you have not made significant sales or investments in that market before.

Step 2: Engage Pre-Approved Vendors

Certain services under the MRA Grant, such as branding and legal consultancy, require engaging Enterprise Singapore pre-approved vendors.

• Visit the Enterprise Singapore website to access the list of vendors.
• Work with these vendors to obtain quotations for the services needed.

Step 3: Submit the Application via Business Grants Portal (BGP)

All applications for the MRA Grant must be made through the Business Grants Portal (BGP).

• Log in to the BGP using your Corppass account.
• Fill out the required information, including:
  • Company profile and UEN.
  • Project scope and objectives.
  • Detailed budget and cost breakdown (based on vendor quotations).

Step 4: Await Approval

Enterprise Singapore will review your application and may contact you for further clarification. The approval process typically takes 6-8 weeks.

MRA Grant Timeline and Disbursement of Funds

1. Project Implementation: Once approved, companies can proceed with the planned activities in the new market.
2. Completion and Claims Submission: After completing the project, companies must submit claims with supporting documents (e.g., invoices, payment receipts) to receive the grant.
3. Disbursement: The grant will be disbursed within 2-3 months after claim submission, provided all documents are in order.

What Are the Key Benefits of the MRA Grant?

1. Reduces Financial Risks:
   • International expansion involves high upfront costs, including marketing and setup expenses. The MRA Grant helps reduce these financial risks by covering a substantial portion of eligible costs.
2. Accelerates Global Expansion:
   • By subsidizing market research and overseas promotions, the grant enables companies to enter new markets more confidently and quickly.
3. Encourages Brand Development:
   • The grant supports activities such as branding and IP registration, helping businesses create a strong and recognizable presence abroad.
4. Facilitates Long-Term Growth:
   • With the financial burden reduced, companies can focus on strategic growth and operations in foreign markets.

Conclusion

The Market Readiness Assistance (MRA) Grant plays a vital role in helping Singaporean SMEs expand globally. By subsidizing market entry costs, the grant empowers businesses to explore new opportunities, build international presence, and achieve sustainable growth. For companies considering expansion, leveraging the MRA Grant can be a game-changing move that mitigates risks and accelerates success.

With proper planning, thorough documentation, and the right partners, Singapore businesses can unlock their potential and thrive in international markets with the support of the MRA Grant.