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.
A company has to fulfill the following criteria to be eligible for the MRA grant:
The company must have its global headquarters in Singapore and
The annual turnover of the company must be less than S$100 million annually (according to the latest audit report for the company)
At least 30% local shareholding
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.
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: