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Singapore Market Readiness Assistance (MRA) Grant: Your 2024 Essential Guide

5 min read|Last Updated: September 24, 2024|

An Overview Of The MRA Grant

The Singapore government, through Enterprise Singapore, launched the MRA grant in 2013 to help local businesses and companies expand and venture into new overseas markets.

Furthermore, the MRA grant is to support small and medium enterprises (SMEs) expansion beyond the borders of Singapore. Moreover, Singapore companies who are successful in their application stand to claim substantial grant support for a variety of costs incurred such as costs of promotion and developing the business, up to SGD 100,000.

Enhanced Cap of Singapore MRA Grant

The limit allowed for an application is capped at SGD 50,000. However, the government implemented enhanced grant support levels which saw an increase to SGD 100,000 in 2020, and the enhanced cap, which was extended until 31 March 2025.

Eligibility Criteria for the MRA Grant

Criteria Requirement
Registered/Incorporation Local company in Singapore only
New Market Entry Criteria (of Targeted Overseas Country) Applicant’s overseas sales in the market must not have exceeded SGD 100,000 annualy in each of the 3 preceding years.
Local Shareholding At least 30 percent
Group Annual Sales Turnover Not more than SGD 100 million
Group Employment Size Limit Not more than 200 employees

Eligible Activities under the MRA Grant

Type Overseas Market Development Overseas Market Setup Overseas Market Promotion
Definition Eligible activities that assist businesses in Singapore in securing new opportunities in the specific international market. Activities that support companies establishing themselves in the new market. Establishing brand visibility or awareness among potential clients.
Examples Business Matching – Identifying potential partners, distributors, joint venture partners, business customers such as franchisees and license holders, and agents, etc.

Overseas Marketing Presence – Building a market strategy, marketing and business development.

In-Market Business Development – Training in-market business development personnel, reaching out to new business leads, implementing market entry activities, etc.

 Market Entry Support – Intellectual property application, import-export licenses, etc.

Free Trade Agreements (FTAs) and Trade Compliance Consultancy – Consultancy, advisory & legal expenses relating to customs compliance, product HS classification, etc.

 Overseas Physical Trade Fairs – Space rental, booth design and construction.

Virtual Trade Fairs – Virtual exhibition, marketing collateral creation and business meeting/matching sessions.

Overseas Marketing and PR Activities – In-store promotions, road shows, pop-up stores, media announcements and ads.
Monetary Cap SGD 50,000 SGD 30,000 SGD 20,000

Costs Not Covered under MRA Grant Scheme

  • Goods and Services Tax (GST) imposed by Singapore

  • Expenses charged by other government agencies in Singapore

  • Expenses paid directly (for example, airfare, transportation, hotel accommodation)
  • Creating a prototype
  • Expenses generated for organizing international trade shows, employing staff from within the organization (such as promoters, maintenance workers, security deposits, sales commissions, business cards, and achievement fees).
  • Producing brochures for a company
  • Expenses incurred to fulfill contractual obligations with clients
  • Costs of food samples/products, promotional prizes/gifts and sponsorship fees
  • Expenses incurred for in-house employees, maintenance, security deposits, sales commissions, and success fees
  • Separate expenses (such as food and beverage, photography, emcee costs, email marketing, placement of occasional print advertisements), unless it is part of a comprehensive marketing/PR campaign
  • Making phone calls for marketing purposes
  • Publicity expenses to attract capital or investments for the business
  • Creating videos for social media content
  • Expenses incurred for equipment (such as tablets, printers, hard drives, computers)

MRA Grant Benefits

Financial Support

Co-Funding: Businesses can receive up to 50% co-funding of eligible costs, capped at S$100,000 per new market for three years, alleviating financial burdens associated with market entry.

Comprehensive Coverage

Wide-Ranging Financial Assistance: The grant covers various stages of overseas business development, including promotion, hiring, establishing offices, market research, and compliance activities.

Market Diversification

Revenue Stream Expansion: The MRA grant enables businesses to diversify their customer base and explore new revenue streams, enhancing stability and growth, particularly during economic downturns or domestic market saturation.

Capability Building

Access to Resources: The grant facilitates capability building by providing access to market research, feasibility studies, and advisory services, empowering SMEs to understand foreign market dynamics and make informed decisions.

Increased Competitiveness

Enhanced Global Presence: International expansion bolstered by the MRA grant can improve a brand’s global presence and credibility. Additionally, success in new markets increases competitiveness both locally and internationally, leading to long-term growth and sustainability.

MRA Grant Application Procedure

Pre-Application Process

  • Identifying the targeted overseas country
    • The annual sales in the target market shouldn’t be over SGD 100,000 in any of the preceding 3 years
  • Identifying the eligible activity to apply for
    • Overseas market promotion
    • Overseas business development
    • Overseas market set-up
  • Preparation of supporting documents
    • According to the MRA application checklist, the necessary documents include:
      • The company’s financial statements for the past 3 years
      • Documents to request from vendor (quotation and proposal)

Application Process

You can apply for the MRA grant through the Business Grant Portal. Applicant must log in with their Singpass account before filling up the grant application form.

Post-Application Process

  1. Your letter of offer will be sent after your application is approved.
    1. An offer letter containing the following information will be received:
      1. Conditions of support
      2. Awarded grant amount
      3. Project qualifying period
  2. Submit claims
    1. An auditor has to be engaged and a claim has to be submitted to the Business Grant Portal within the deadline stipulated.
  3. Receive of disbursement
    1. Grant approval will be notified via email.
    2. Approved claim amounts will be disbursed within 6-8 weeks via GIRO to a designated bank account.

MRA Grant Application Timeline

Application processing can take up to 8-12 weeks before it is approved.

Subsidiary and Parent Company

The maximum grant amount of SGD 100,000 is applicable to each distinct entity/business during the period. Since a parent company and its subsidiary company(s) are related companies, they shall receive a combined amount limit of SGD 100,000.

MRA Grant Consultant

Furthermore, while all this can be confusing to navigate, however, having an MRA Grant Consultant will ensure that your business makes informed decisions on your business expansion needs.

READY TO EXPAND YOUR COMPANY IN SINGAPORE THROUGH MRA?

Drop us a message through our contact form.

FAQs

How do I apply for the MRA Grant?2024-09-24T11:19:18+08:00

You can apply for the MRA Grant through the official Enterprise Singapore website. Prepare the necessary documents and submit your application online.

How can the MRA Grant help me expand my business?2024-09-24T11:18:18+08:00

The MRA Grant provides funding for eligible costs incurred to enter a new foreign market business development, helping you overcome financial barriers and maximize growth opportunities.

What is the eligibility criteria for the Market Readiness Assistance Grant?2024-09-24T11:15:23+08:00

  • The business entity must be registered and operating in Singapore
  • The Company has at least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership
  • It must be new to target the overseas market
  • The company’s annual sales in the target market must not have exceeded S$100,000 in any of the preceding three years
  • The company has a Group Annual Sales Turnover not exceeding S$100 million OR a Group employment size not exceeding 200 employees

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A company is deemed exempt from audits in Singapore, which means these companies will not need to appoint an auditor to have their accounts audited. However, they need to qualify to be a ‘small’ company based on at least 2 of these 3 criteria:

  1. Revenue not exceeding SGD 10 million for the financial year.
  2. Total assets not exceeding SGD 10 million at the end of the financial year.
  3. Number of employees not exceeding 50.

Despite such small companies are exempt from auditing, they still need to prepare accurate financial statements that comply with the standards in Singapore.

Auditing Practices in Singapore

  1. Enhances Credibility And Trust
    By providing independent assurance of the accuracy and reliability of a company’s financial statements, auditing helps to build credibility and trust with investors, creditors, and other stakeholders. This can lead to increased confidence in the company’s financial position and ultimately support its long-term success.
  2. Improves Financial Management
    Auditing provides valuable insights into a company’s financial health, which can help your managers make better decisions and improve financial management practices. This in turn leads to improved efficiency, better use of resources, and ultimately better financial results.
  3. Ensures Compliance With Regulations
    Auditing helps to ensure that a company complies with regulatory requirements and industry standards. By ensuring compliance with regulations, your company will be able to avoid legal and financial penalties and operate in a responsible and ethical manner.
  4. Helps Detect And Prevent Fraud
    Auditors are trained to identify and investigate fraud and other irregularities, which will definitely help you avoid any fraudulent activities in a company. This is especially important for maintaining the integrity of financial reporting and ensuring that stakeholders have accurate information to make informed decisio

ACRA
ACRA is Singapore’s business regulator. It ensures a trusted business environment by overseeing companies, accountants, and corporate service providers. Its functions include registration, financial reporting, auditing, governance, and disclosure. ACRA’s online platform, BizFile+, simplifies business processes.

IRAS
IRAS is Singapore’s tax authority. It assesses, collects, and refunds taxes. IRAS also educates taxpayers and investigates non-compliance. The MyIRAS portal offers online tax services.

Auditing in Singapore
In essence, ACRA sets the rules, and IRAS enforces them. Both agencies work together to maintain the integrity of financial reporting and ensure that companies are operating within the law. This is essential for investors, lenders, and other stakeholders who rely on accurate financial information.

certified audit partner logo

Paul Hype Page provides you with strategic business expansion and business compliance services for over 2 decades, servicing the best of the South East Asia region. We make your entrepreneurial experience seamless for both locals and foreign expats.

We can issue an IRAS-approved audit report that meets both the Singapore government’s requirements and your company’s needs. The audit function of your company is in good hands with our professional Singapore-certified auditors.

Our audit services in Singapore consist of a vast variety to cater to the specific needs of your organization.

  1. Annual Financial Audit
  2. Special Purpose Audit
  3. Certification for Subsidy Claim
  4. Audit
  5. Fixed Assets Certification
  6. Claim Certification
  7. Shares Certification
  8. Personal Income Certification

If you are a foreigner, you will need a nominee director (local director) to incorporate your company in Singapore.

What is a Nominee Director?
Nominee director is an individual who is appointed to act as a director of the company on behalf of another individual or entity. For all foreigners establishing businesses in Singapore, having a nominee director is essential due to regulations from the Accounting & Corporate Regulatory Authority (ACRA).

Here are suitable nominee director services for EP holders in Singapore, allowing the company to transfer ownership to you once your Employment Pass (EP) is approved:

  • Short Term Nominee Director (STND) : 2 months and 6 months

If you are a foreigner, you cannot be the director of the company unless you have an Employment Pass also known as an EP. This renewable work visa permits you to live and work in Singapore, whether you’re an employee, business owner, or anything in between.

It’s the most popular choice for foreigners looking to start a business or relocate to Singapore.

First, You will have to incorporate your company under the name of a local Singapore director (Nominee Director). Then, you will have to apply EPass under your company so that we can transfer the ownership to you under your Employment Pass (EP).

The estimated timeline for the Singapore EP application is between 2-4 months, depending on the case. In some instances, it could drag up to 6 months if multiple rounds of appeals are requested.

Singapore Employment Pass, often referred to as the ‘EP,’ a work visa is issued to foreign professionals, managers, executives, and experts relocating to work in Singapore.

You are eligible to apply for EP if you:-

  • Have Job Offer from Singapore Company in managerial, executive, and specialized job
  • Have at least a fixed minimum salary of S$5,000 per month
  • Have recognized diploma or degree from a reputable university
  • Have professional qualifications, specialist skills, and work-related experience
  • Meet the required minimum of 40 points under the new points-based COMPASS to be eligible for this pass.

Reasons to Apply for a Singapore Employment Pass

  1. Legally reside and work in Singapore.
  2. Enjoy hassle-free travel in and out of the country without needing a Singapore entry visa.
  3. Gain a pathway to potentially obtaining permanent residency in Singapore over time.
  4. Have the flexibility to run and work for your own business in Singapore.
  5. Benefit from Singapore’s low tax rates and favorable income tax system.

Are you a business owner in Singapore looking to expand your operations and reach new markets? Considering entry into a new market or expanding an existing one overseas? The MRA grant offers the financial boost you need to make it happen.

The purpose of the MRA grant is to support Singapore owned businesses for business development, promotion, and set-up costs when you set up a business in oversea.

At least 30% of the company’s equity must be held directly or indirectly by Singapore Permanent Residents (PRs) or citizens, determined by ultimate individual ownership.

The grant covers up to 50% of eligible costs for Local SMEs, with specific caps for different activities and limited to a maximum of S$100,000 per new market and may include:

  • Overseas Market Promotion (capped at S$20,000)
  • Overseas Business Development (capped at S$50,000)
  • Overseas Market Set-up (capped at S$30,000)

Currently, from April 1, 2023 to March 31, 2025, the grant covers up to 50% of eligible costs, capped at S$100,000.

If you are planning to set up business in Singapore, opening a corporate bank account is a mandatory when you first incorporate a company. It also allow you to keep your business transactions separate from your personal transactions and also helps you to track your business cash flows/income and expenses.

We focus is to prove that your company has a tax substance and select an account that best fits your business needs. Most importantly, you DO NOT need to be physically here! We work closely with our trusted bankers to give you a higher success rate in opening a corporate bank account.

If you are a foreigner, you will need a nominee director (local director) to incorporate your company in Singapore.

What is a Nominee Director?
Nominee director is an individual who is appointed to act as a director of the company on behalf of another individual or entity. For all foreigners establishing businesses in Singapore, having a nominee director is essential due to regulations from the Accounting & Corporate Regulatory Authority (ACRA).

There are 2 types of Nominee Director services in Singapore.

They are:

  • Long term Nominee Director (LTND) : 12 months
  • Short Term Nominee Director (STND) : 2 months and 6 months

If you are a foreigner, you cannot be the director of the company unless you have an Employment Pass.

First, You will have to incorporate your company under the name of a local Singapore director (Nominee Director). Then, you will have to apply EPass under your company so that we can transfer the ownership to you under your Employment Pass (EP).

What is Singapore Employment Pass?
Singapore Employment Pass, often referred to as the ‘EP,’ a work visa is issued to foreign professionals, managers, executives, and experts relocating to work in Singapore.

The estimated timeline for the Singapore EP application is between 2-4 months, depending on the case. In some instances, it could drag up to 6 months if multiple rounds of appeals are requested.

Check Your Company Name through ACRA using our free tool!

The requirements for registering a company in Singapore are simple and straightforward. They are:

At least one local resident director

Both Singapore residents and foreigners can serve as directors of a Singapore company, provided there is at least one director who is a Singapore resident.

At least one shareholder

To register a company in Singapore, you need at least one shareholder who can be a person or another company. You can have up to 50 shareholders, and all of them can be foreigners.

Local company secretary

Every Singapore company must have a company secretary who lives in Singapore and is responsible for ensuring the company meets its regulatory requirements and submits necessary filings.

Minimum of $1 Paid up Capital

You can establish your Singapore company with just $1 in paid up capital and share capital. If needed, you can add more funds later and inform the company registrar.

Registered Address in Singapore

Your company needs a registered address in Singapore where all the official documents will be sent to ; a PO box isn’t acceptable.

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