Summary
The MRA Grant by Enterprise Singapore supports SMEs expanding overseas by funding up to 50% of eligible costs. Eligibility requires local registration, new market entry, and financial viability. Consultants can help.
Introduction
Expanding your business into new international markets is a significant step, and in Singapore, the Market Readiness Assistance (MRA) Grant offers crucial support to Small and Medium Enterprises (SMEs) aiming to venture abroad.MRA grant eligibility criteria Singapore, this grant provides financial assistance to defray costs associated with overseas market promotion, business development, and setup. In this blog, we will delve into the eligibility criteria for the MRA Grant, the application process, and how engaging MRA grant consultants in Singapore can streamline your expansion efforts.
What Is the MRA Grant?
The MRA Grant is designed to assist Singapore-based SMEs in their internationalization journey by covering up to 50% of eligible costs, with a cap of S$100,000 per company per new market. The grant supports activities in three key areas:
- Overseas Market Promotion: Up to S$20,000
- Overseas Business Development: Up to S$50,000
- Overseas Market Setup: Up to S$30,000
Each application is limited to one activity in a single overseas market, and the project must be completed within 12 months from the grant approval date .
Eligibility Criteria for the MRA Grant
To qualify for the MRA Grant, your business must meet the following criteria:
1. Business Registration and Operation
Your company must be a legal entity registered and operating in Singapore. This ensures that the grant benefits businesses contributing to the local economy.
2. Local Shareholding Requirement
At least 30% of your company’s equity must be held directly or indirectly by Singaporeans or Singapore Permanent Residents (PRs). This requirement guarantees that the grant supports homegrown businesses .
3. New Market Entry
Your company must be entering a new overseas market. Specifically, your annual sales in the target market must not have exceeded S$100,000 in any of the preceding three years. This ensures that the grant supports genuine internationalization efforts .
4. Group Annual Sales Turnover or Employment Size
Your company must meet one of the following conditions:
- Group annual sales turnover not exceeding S$100 million
- Group employment size not exceeding 200 employees
This criterion ensures that the grant targets SMEs and not large corporations .
5. Financial Viability
Your company must demonstrate financial viability to execute the overseas expansion project. This includes having a solid business plan, financial statements, and a clear strategy for entering the new market.
6. Pre-Application Restrictions
Applications must be submitted before any contracts are signed or work begins. Retrospective applications are not permitted. Additionally, each project shall not exceed 12 months, and group applications are not allowed .
The Application Process
Applying for the MRA Grant involves several key steps:
Step 1: Engage a Qualified Consultant or Vendor
While there are no pre-approved vendors for the MRA Grant, engaging a qualified MRA grant consultants Singapore or vendor can significantly enhance your application. These consultants bring valuable expertise in navigating the grant requirements and tailoring your project proposal. For activities related to Free Trade Agreements (FTA) and trade compliance, Enterprise Singapore provides a list of approved consultants to assist businesses in meeting the necessary standards and increasing their chances of approval. .
Step 2: Prepare Required Documents
Gather the necessary documents, including:
- A detailed project proposal
- Quotations from service providers
- Latest audited financial statements
- ACRA business profile
- Supporting materials (e.g., screenshots of your overseas marketing channels)
Step 3: Submit Your Application
Applications are submitted through the Business Grants Portal. Ensure all information is accurate and complete, as incomplete applications may be rejected .
Step 4: Await Approval
The evaluation process typically takes 6–8 weeks. If approved, you’ll receive a Letter of Offer detailing the grant amount and terms .
Step 5: Execute the Project
Upon receiving the Letter of Offer, you can commence the project. Ensure that all activities align with the approved plan and adhere to grant conditions.
Step 6: Submit Claims
After completing the project, submit the necessary documents, including proof of payment and deliverables, through the Business Grants Portal. Enterprise Singapore will review and disburse the approved grant .
Role of MRA Grant Consultants in Singapore
Engaging MRA grant consultants in Singapore can significantly enhance your chances of a successful application. These professionals offer:
- Expert Guidance: Consultants provide insights into the eligibility criteria and help tailor your application to meet Enterprise Singapore’s requirements.
- Vendor Selection: They assist in identifying and engaging qualified vendors for your project.
- Documentation Preparation: Consultants ensure that all necessary documents are accurately prepared and submitted.
- Project Management: They help manage the project to ensure it aligns with the approved plan and grant conditions.
- Claim Submission: Consultants assist in compiling and submitting the necessary documents for grant claims.
By leveraging the expertise of MRA grant consultants in think SME , you can navigate the complexities of the application process and increase the likelihood of securing funding for your international expansion efforts.
Conclusion
The MRA Grant presents a valuable opportunity for Singapore-based SMEs to expand into new overseas markets. By understanding the eligibility criteria and engaging the right consultants, businesses can effectively leverage this support to drive their internationalization strategies. If you’re considering expanding your business abroad, consulting with MRA grant consultants Singapore can provide the expertise and guidance needed to maximize the benefits of the MRA grant Enterprise Singapore offers.
FAQ
1. What is the MRA Grant in Singapore?
The Market Readiness Assistance (MRA) Grant is a financial assistance scheme by Enterprise Singapore that supports SMEs in expanding into overseas markets. It offers up to S$100,000 per new market with 50% co-funding for eligible activities.
2. What are the MRA Grant eligibility criteria in Singapore?
To qualify for the MRA grant, your business must:
- Be registered and operating in Singapore
- Have at least 30% local shareholding
- Have group annual turnover ≤ S$100M or ≤ 200 employees
- Be new to the target market (≤ S$100K annual sales in that country for the past 3 years)
3. Can I apply for the MRA Grant for more than one market?
Yes, you can submit separate MRA grant applications for each new market. However, each application must meet the MRA grant eligibility criteria Singapore and be for a different overseas market.
4. What kind of expenses does the MRA Grant cover?
The MRA grant supports expenses across three categories:
- Overseas market promotion (e.g., trade fairs, digital marketing)
- Overseas business development (e.g., BD staff, agent engagement)
- Overseas market setup (e.g., legal, IP, company incorporation)
5. How can MRA grant consultants in Singapore help?
MRA grant consultants Singapore assist in:
- Ensuring eligibility
- Structuring the application
- Preparing compliant documentation
- Engaging qualified vendors
- Submitting through the Business Grants Portal (BGP)
- Managing post-approval claims and audits
6. How do I apply for the MRA Grant through Enterprise Singapore?
You can apply via the Business Grants Portal (BGP) by submitting your project proposal, vendor quotations, and company documents. Ensure your project has not started before grant approval to stay eligible.
7. Is it mandatory to hire an MRA consultant for the application?
No, it’s not mandatory, but many SMEs choose to work with MRA grant consultants Singapore to ensure a higher success rate and faster processing, while avoiding mistakes or disqualifications.
