Market Readiness Assistance (MRA) Grant – Take Your Business Overseas

Singapore based companies looking to expand their operations overseas can tap on the market readiness assistance (MRA) grant.

If your business is eligible, you can get support up to 70% of eligible costs, capped at S$100,000 per company per new overseas market. The cost will cover 3 main areas of

  1. Overseas market promotion of up to S$20,000
  2. Overseas business development of up to S$50,000
  3. Overseas market set-up of up to S$30,000

Eligibility Criteria

To apply for MRA, your company must fulfil the following:

  1. Company is incorporated in Singapore
  2. Company must have at least 30% local shareholding
  3. Group annual sales turnover of not more than S$100 million; or company’s group employment size of not more than 200 employees
  4. Applicant must not have more than S$100,000 in overseas sales within intended target overseas country in each of last 3 preceding years

You can apply for as many MRA as you require. Your company may also apply to open several new markets at the same time. However, do note that the same expenses claimed via another grant will not be eligible for MRA reimbursement.

The Market Readiness Assistance Grant will be valid till 31st March 2023. Claims are disbursed on a reimbursement basis.

Getting Ready To Apply

It is important to note that the company should first make the application for MRA before signing any contract or commencing any form of work.

The services the company are claiming for should be provided by an unrelated external third party.

The vendor should have a good track record of past completed projects to show. The work to be done by the vendor must be spelt out in detail with the accompanying cost breakdown. An expected timeline of completion and milestones should also be listed.

 

If you are interested to find out more about how to best tap on the Market Readiness Assistance Grant, we have a team of qualified management consultants that are ready to assist. Get in touch with us today!

 

 

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