Market Readiness Assistance (MRA) Grant in Singapore: What It Is and How It Works

If you’re a small and medium-sized enterprise (SME) in Singapore aiming to expand your business overseas and tap into new markets, you’ll be glad to know that you may be eligible for the Market Readiness Assistance (MRA) Grant. 

This valuable grant is designed to provide a significant financial boost to support your market entry and internationalisation activities. With the MRA Grant, you can receive the necessary resources and guidance to identify promising overseas opportunities, develop essential capabilities, and successfully expand your business beyond borders. 

MRA grant is a great opportunity for SMEs like yours to gain a competitive edge and thrive in the global marketplace.

What is the Market Readiness Assistance (MRA) Grant?

The MRA Grant is a financial assistance program to support SMEs in Singapore in their internationalisation efforts. With the MRA Grant, SMEs can receive financial support and professional guidance to help them expand their businesses overseas.

The key goal of the MRA grant is to help SMEs become market-ready and compete successfully in international markets. Through this grant, SMEs can gain various forms of support: financial assistance to defray mission costs, access to local market insights, business matching services, and overseas market promotion activities.

Eligibility Criteria for the MRA Grant

To qualify for the MRA Grant, SMEs in Singapore need to meet certain eligibility criteria. These requirements are put in place to ensure that the grant is utilised effectively by companies ready and able to expand their businesses overseas. Below are the key eligibility criteria you need to meet.

It’s worth noting that companies which have previously received funding support under the MRA Grant are not eligible to apply again. Additionally, applicants need to ensure that they fulfil all the eligibility criteria throughout the project duration.

Meeting these eligibility criteria is crucial in making sure that your application for the MRA Grant is successful. Be sure to carefully read through the requirements and ensure that you meet all of them before applying.

Benefits of the MRA Grant

If you’re an SME in Singapore and considering overseas expansion, the MRA Grant can offer a much-needed financial boost. Here are some of the benefits that you can enjoy by availing of this grant:

• Market entry support: The MRA Grant can provide financial assistance for your market entry activities, helping you establish a foothold in your target market.
• Overseas expansion: With the MRA Grant, SMEs can receive financial support to expand overseas and tap into new markets.
• Capability development: You can also use the grant to improve your business processes, upskill your workforce, or adopt new technologies to enhance your capabilities.
• Market entry support: The MRA Grant can provide financial assistance for your market entry activities, helping you establish a foothold in your target market.
• Overseas expansion: With the MRA Grant, SMEs can receive financial support to expand overseas and tap into new markets.
• Capability development: You can also use the grant to improve your business processes, upskill your workforce, or adopt new technologies to enhance your capabilities.

Scope of Funding under the MRA Grant

The MRA Grant aims to provide financial support to Singaporean SMEs looking to expand their businesses overseas. Through the MRA Grant, companies can receive funding for various activities related to internationalisation, including market assessment, market entry, business development, and capability building.

The MRA Grant covers a wide range of expenses, including;

It is important to note that the MRA Grant only covers expenses that are directly related to internationalisation activities. SMEs are required to provide detailed documentation to support their claims and ensure that all expenses are eligible.

The MRA Grant offers financial support for professional services and marketing initiatives, enabling SMEs to overcome initial internationalisation hurdles and expand their businesses seamlessly. With its extensive funding scope, the MRA Grant serves as a valuable resource for Singaporean SMEs seeking to globalise their operations.

Application Process for the MRA Grant

To apply for the MRA grant, SMEs in Singapore must follow these steps:

1. Ensure that your business is eligible for the MRA Grant. You can refer to the eligibility criteria in section 3 for more information.
2. Prepare the required documents, which include:

• ACRA business profile
• Latest financial statements
• Proposal for overseas market entry or expansion
• Quotations from third-party service providers (if applicable)

1. Submit your application online via the Business Grants Portal. You will need to create an account and fill out the application form with the necessary details, including the documents mentioned above.
2. Wait for the evaluation process, which typically takes up to 4 weeks. You may be asked to provide additional information or attend an interview during this period.
3. If your application is successful, you will receive an approval letter via email. This letter will include the amount of funding approved and the conditions for disbursement.
4. Utilise the MRA Grant funds for the approved expenses and submit your claims via the Business Grants Portal. The claim process typically takes up to 3 months.

Complete each step accurately and thoroughly to improve your chances of approval.

Evaluation and Approval of the MRA Grant

Once you have submitted your application for the MRA Grant, it will undergo an assessment process to determine your eligibility for approval. The evaluation process is thorough and considers a range of factors to ensure that the grant amount allocated is justified and will be beneficial to your SME’s internationalisation efforts.

The assessment criteria include:

• The suitability of your proposed market entry plan
• The potential for growth and scalability in the targeted overseas market
• The financial viability of your internationalisation plan
• Your business track record and ability to implement the proposed plan
• The grant’s impact on your business’s growth and sustainability

Once your application has been evaluated, you will receive a letter indicating the outcome. If your application is approved, you will receive a grant of up to S$100,000 to cover eligible expenses.

The approval process takes approximately four to six weeks from the date of application. If additional information or documents are required, the timeline for approval may be extended.

The MRA Grant is a valuable opportunity for SMEs in Singapore to receive financial support for their internationalisation efforts. To increase your chances of success, it’s important to understand the evaluation and approval process. This will help you prepare your application effectively.

Utilising the MRA Grant Funds

Once your application for the MRA Grant has been approved, you can start utilising the funds to support your internationalisation efforts. The grant covers a wide range of eligible expenses, such as:

• Overseas market promotion:
  • Social media promotions
  • Online advertisements
  • Search engine optimisation (SEO)
  • Trade shows and exhibitions
  • Market research
• Overseas business development:
  • Bidding for overseas projects
  • Setting up overseas offices
  • Hiring international staff
  • Establishing joint ventures
• Overseas market setup:
  • Legal and registration fees
  • Shipping and warehousing costs
  • Renovation and rental costs
  • Consultancy services
• Other eligible expenses:
  • Intellectual property (IP) registration
  • Product adaptation and certification
  • Website localisation

It’s important to note that eligible expenses may vary depending on the country and industry. You can refer to the MRA Grant – Claim Guide for the detailed list of eligible expenses and guidelines on the claim process.

The claim process can be initiated after you have paid for and received the goods or services. You will need to submit a claim through the Business Grants Portal along with the necessary documents such as invoices, receipts, and proof of payment. Funds for the approved claim will be disbursed directly to your bank account within 14 working days.

Proper utilisation of the MRA Grant can significantly boost your internationalisation efforts. Make sure to keep track of all expenses and submit claims on time to fully utilise the grant.

Industry-specific Support Under the MRA Grant

If you’re an SME in Singapore looking to expand overseas, the MRA Grant can provide invaluable financial assistance and support in achieving your goals. What’s more, the grant also offers industry-specific support to help address the unique challenges and opportunities faced by SMEs across different sectors.

Here are some examples of how the MRA Grant provides industry-specific support to SMEs:

These are just a few examples of how the MRA Grant can help SMEs across various sectors with their internationalisation efforts. The grant offers customised support to address the specific needs of different industries. It aims to equip all SMEs with the necessary resources to thrive in the global marketplace.

Conclusion

Now that you understand the MRA Grant and how it works, it’s time to take action. As an SME in Singapore looking to expand your business overseas, the MRA Grant is a valuable financial boost that can help you achieve your goals.

Remember to utilise the funds wisely and within the scope of the eligible expenses. The success stories of other SMEs in Singapore showcase the MRA Grant’s impact on international expansion efforts.

Book an appointment with our Consultants and find out how we can structure the plan necessary for you in sourcing your business partners in the new market for your business’ growth and sustainability.

Additionally, industry-specific support is available for different sectors, so make sure to explore how the MRA Grant can benefit your particular industry.