The Market Readiness Assistance (MRA) provides a support level of up to 70% up to 31st March 2023. As announced at Budget 2021, the maximum support level of up to 80% will be until 31st March 2022. MRA will be enhanced to include Trace Credit Insurance as a supportable area under the overseas market set-up pillar with effect from 1st April 2021.
The goal of the MRA is to assist small and medium enterprises (SMEs) to expand their businesses overseas.
This grant is for companies and the companies should meet the following criteria.
- The entity is incorporated in Singapore
- At least 30% local shareholding
- Group annual sales turnover of not more than SGD$100 million; or company group employment size of not more than 200 employees
- Meet the new market entry criteria (overseas country whereby the applicant has not exceeded SGD$100,000 in overseas sales in each of the last three preceding years
Click here for the full list of supportable activities.
Up to 70% of eligible costs, capped at SGD$100,000 per company per new market from 1st April 2020 to 31st March 2023 that covers:
- Overseas market promotion (capped at SGD$20,000)
- Overseas business development (capped at SGD$50,000)
- Overseas market set-up (capped at SGD$30,000)
Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)
Frequently asked questions
What is the maximum number of applications a company can apply for MRA?
There is no limit to the number of MRA applications that a company can apply. This is to allow companies the flexibility to determine their pace of entry into the overseas market.
If a Singaporean company has overseas manufacturing bases producing foreign-origin goods, does the MRA support consultancy services on FTAs, of which, Singapore is not a member of?
The MRA support for FTA consultancy scope is accessible to local SMEs. If the applicant company manufactures overseas, the consultant will advise the company on the relevant FTAs and help the company assess the potential benefit of leveraging on the FTAs, including those that Singapore is not a member of.
If both parent company and its subsidiary apply for the MRA Grant, are they subjected to the S$100,000 cap?
The grant cap of S$100,000 is applicable to each unique entity/company over the enhancement period. Enterprise Singapore will review the applications based on applicant company’s internationalisation plans. Different applicant companies with similar business registration details (including nature of business, address, shareholder/directorship, etc.) will be treated as connected enterprises and subjected to the cumulative grant ceiling of S$100,000 over the enhancement period.
Are group applications (two or more companies listed as applicants in one applicant form) allowed?
No, we do not allow both companies to apply under one application. Each company can apply for one activity in a single application.
Can sole proprietors and partnerships apply for the MRA Grant?
Enterprise Singapore seeks to understand the overseas expansion plans for sole proprietors and partnerships. Applications will be assessed on a case-by-case basis.
Can a company apply for the MRA grant in addition to financial schemes from other government agencies?
No, companies are not allowed to apply for the MRA grant after they have received grant approvals from Enterprise Singapore or other agencies on the same eligible expenses or events.
Can a company apply to multiple new markets concurrently?
Yes, as long as the new market criteria is met and projects are within each activity grant sub-cap.
Can a company apply for both the Enterprise Development Grant (EDG) and MRA Grant support concurrently?
Yes, eligible companies may apply for support under both EDG and MRA grant as long as it is not for the same scope of work/services/activities supported.
Under what circumstances will applications be rejected?
The following list is non-exhaustive:
- A company which does not meet the eligibility criteria (Refer to the first question above)
- A company holding a shell business registration or having its main business operations outside Singapore
- A non-profit organisation
- A company seeking support for the purpose of fundraising or increasing domestic sales.
If you need assistance with matters relating to grant applications, you may contact us at [email protected].
When in doubt, seek legal advice or consult an experienced ACRA Filing Agent.
Yours Sincerely,
The editorial team at Singapore Secretary Services
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