What is the MRA Grant ?

The Market Readiness Assistance (MRA) Grant is a program offered by International Enterprise Singapore to local companies who wish to expand their business globally. The grant extends government funds to companies that incur costs on qualifying activities when they venture overseas.

The MRA Grant support level of up to 70% will be extended until 31 Mar 2023.

Eligibility/Requirement

A company has to fulfill the following criteria to be eligible for the MRA grant:

  1. The company must have its global headquarters in Singapore and
  2. The annual turnover of the company must be less than S$100 million annually (according to the latest audit report for the company)
  3. At least 30% local shareholding
  4. Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees

Benefits of the Grant

The MRA grant offers funding equal to 70% of the third-party costs that companies incur on qualifying activities when they venture overseas. The funding is capped at S$20,000 per company per fiscal year.

Qualifying Activities

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 costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:
    • 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)
  • Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)

IE Singapore provides additional guidelines on these qualifying activities. Do check out here.

How to Apply?

IE Singapore outlines the following steps for applying for the MRA grant:

Apply Through Business Grants Portal

Apply for the grant through Business Grants Portal Letter of Offer

Wait for IE Singapore’s letter of offer.

Submit the Claim

Once you receive the letter of offer, complete the project within a period of 6 months and send your claim for disbursement to IE Singapore.

IE Singapore will not consider any retrospective applications. This implies that a company must:

  1. Not make any initial payment or deposit;
  2. Sign any legally binding agreement; or
  3. Commence any project

before applying for the MRA grant.

For more comprehensive information regarding MRA application process. Do check out IE Singapore’s website.

Having a hard time understanding this process? Fret not, at Paul Hype Page, our trusted advisors will be guiding you along your process of overseas expansion. Do contact us at +65 6221 4733