Looking to expand your business overseas? The Market Readiness Assistant (MRA) Grant in Singapore can help. This funding initiative provides financial assistance to companies seeking to establish partnerships with foreign counterparts and improve their competitiveness in the global market.
With this grant, you can access a range of resources and services to help you achieve your international business goals.
Finnex’s business consulting platform is dedicated to guiding and empowering local businesses to qualify for and maximise the benefits of the MRA Grant.
You can expect personalised and strategic support every step of the way. From comprehensive market assessment to tailored market entry strategies, we are committed to equipping you with the knowledge and tools needed to succeed in the global marketplace.
The Market Readiness Assistant or MRA grant, is a funding initiative provided by Enterprise Singapore to support Singaporean companies in their efforts to expand their business overseas. The grant provides financial assistance for companies seeking to establish partnerships with foreign counterparts and improve their competitiveness in the global market.
The MRA provides funding support for a range of activities, including market research, business development, and marketing activities.
The grant also provides support for companies to participate in trade shows and exhibitions overseas, which can help them establish new business relationships and gain exposure to new markets.
The MRA grant provides financial assistance to SMEs looking to expand their businesses overseas, which can be a costly and risky endeavor. Providing funding for market entry and expansion activities, the grant can help SMEs mitigate some of the risks associated with international expansion and increase their chances of success.
Additionally, the MRA grant can help SMEs gain a better understanding of the overseas market they are targeting, which can help them tailor their products or services to better suit the needs of their potential customers. This can ultimately lead to increased sales and revenue for the company.
Moreover, this grant can also help SMEs build their brand and reputation overseas, which is important for establishing credibility and trust with potential customers.
Step-by-Step Guide to Securing and Utilizing the MRA Grant
Consultation & Assessment
Application Preparation
Submission & Review
Grant Approval
Project Execution
Reporting & Reimbursement
The MRA Grant offers valuable support for companies seeking to enhance their business operations and initiatives. Understanding the timing for applying can help you take full advantage of this opportunity. Here’s what you need to know:
Apply Anytime
Companies can apply for the MRA Grant at any time, provided they meet the eligibility criteria. There are no specific application windows or deadlines, giving you the flexibility to apply when it best suits your business needs.
Subject to Fund Availability
The grant is awarded based on the availability of funds. Since funding is limited, applications are considered on a first-come, first-served basis. It’s advantageous to apply early to increase your chances of securing the grant.
Prepare in Advance
To make the most of your application, ensure that you have all necessary documentation and information ready before applying. Thorough preparation can help streamline the process and improve the likelihood of approval.
Stay Informed
Regularly check for any updates or changes to the MRA Grant program. Staying informed about the latest guidelines and funding status can help you plan your application effectively and align with current requirements.
Applying for the MRA Grant is a streamlined procedure that conveniently allows completion online.
The initial step involves submitting your application via the Business Grants Portal, along with essential supporting documents encompassing an elaborate project proposal and comprehensive budget.
The grant officer will evaluate the grant application and inform successful candidates through a Letter of Offer. Please note that a Corppass account is necessary for all transactions on the portal.
To be eligible for funding under the MRA Grant, it is essential to refrain from making any upfront payments or deposits, entering into any binding agreements, or initiating any projects prior to submitting your application. This requirement has been put in place to allow the grant officer to thoroughly review the project before any significant investments are made.
Upon receipt of the Letter of Offer, the company has to execute and complete the project within stipulated timeframe and subsequently lodge its claim for disbursement to Enterprise Singapore. It should be emphasised that Enterprise Singaporestrictly adheres to a non-retrospective policy and will not entertain any applications submitted after the specified deadline.
To ensure a smooth application process and secure funding, it is crucial for applicants to meticulously strategise their projects and submit their grant proposals well ahead of time. Adhering to these essential steps can help applicants tap into the opportunities provided by the MRA Grant, enabling them to effectively expand their business operations on a global scale.
To check the status of your grant application, follow these steps:
1. Wait for an email: After submitting your grant application, you will receive an email with the status of your application. This email will be sent to the contact person of your company.
2. Log in to the BGP: Alternatively, you can log in to the BGP (Business Grant Portal) using your credentials.
3. Navigate to the “My Grants” section: Once logged in, locate the “My Grants” section on the BGP homepage.
4. Toggle between tabs: In the “My Grants” section, you will find different tabs such as “Drafts,” “Processing,” “Actions Required,” and “Completed.” Toggle between these tabs to view the status of your grant application.
5. Review the status: Each tab represents a different stage of the application process. Check the tab that corresponds to the current status of your application to see any updates or actions required.
6. Respond to clarification requests: If your application requires further clarification, you will receive a reminder email. You can make the necessary clarifications directly through the BGP.
The MRA grant offers an opportunity for small and medium-sized enterprises (SMEs) to secure financial assistance for their projects and facilitate the expansion of their businesses into international markets.
SMEs can receive support that covers up to 50% of eligible expenses, with a limit of $100,000 for each new market ventured into. This grant serves as a valuable resource for SMEs seeking to explore and establish their presence in overseas markets/
Update: During the period from 1 April 2020 to 31 March 2025, companies that have previously received benefits from MRA, but have not achieved overseas sales exceeding S$100,000 for that market, will still be eligible for continued support. However, companies that have already utilised the maximum S$100,000 support for a particular market within the mentioned period will no longer be eligible for any further MRA grants for that specific market.
With our strategic partners, FMC can conduct business matching activity for SMEs in South-east Asia, East Asia, Oceania, Middle East.
The key activities conducted are:
In the activity, SME owners would travel aboard to meet the shortlisted partners face-to-face with our representative.
The application takes around one month to approve after submission via Bizgrant portal.
The claim process can take up to two months after project completion.
A company has the opportunity to submit multiple applications for MRA grants, as the number of applications is not restricted. However, it is important to note that each grant can only be utilised for a single activity and for a duration of up to 12 months.
Eligible companies may also apply for additional grants concurrently, including the Enterprise Development Grant (EDG).
The MRA grant encompasses a wide range of eligible activities, such as:
See the tables below for comprehensive breakdown of eligible activities:
Supportable Activities | Examples of Deliverables | |
Overseas Marketing and PR | Third-party costs incurred for: • Launch of marketing and PR activities including the launch of in-store promotions, road shows, pop-up stores, fashion shows, developing social media presence such as through ads and content-seeding, online media coverage on various media platforms (e.g. press, blogs) • Pitching of products, services, technology and industry capabilities of Singapore at overseas physical and virtual business/trade conferences | Proof of completion may include but not be limited to the following: • Event write-up attached with corresponding materials such as photographs and publicity materials • Overall roadmap/communication plan of activities that have been completed • Invoices/receipts/bank statements for payment made to a third-party vendor such as proof of payment for costs incurred |
Participation in Overseas Physical and Virtual Trade Fairs NOT supported under LEAD International Fairs & Missions (LEAD) | Overseas Physical Trade Fairs Third-party costs relating to: • Space rental (capped at 36 square metres) • Booth design and construction (capped at 36 square metres) • Pitching of products, services, technol | Proof of completion may include but not limited to the following: Overseas Physical Trade Fairs • Event write-up attached with corresponding materials, such as exhibitor listing, photographs of booth setup, publicity materials which reflects the company’s name • Invoices/receipts/bank statements for payment made to third-party vendor such as proof of payment for costs incurred
|
Virtual Trade Fairs Packaged fees charged by Event Organisers relating to: • Virtual Exhibition hall & Booth access • Collateral creation (EDMs, booth writeup) • Business Meeting/Matching sessions • Pitches/ Product launches / Speaking Slots • Webinar/ Conference • Post Event Analytics | Proof of completion should include but not limited to the following: Virtual Trade Fairs
• Screenshots of exhibitor listing, publicity materials, virtual booths, virtual business meetings/matching sessions, post event analytics report product samples for virtual fairs (where available and/or applicable) • Invoices/receipts/bank statements for payment made to third-party vendor such as proof of payment for costs incurred | |
Third party costs relating to
• Publicity (design and production of digital collaterals, promotion materials) for trade fairs and virtual fairs • Logistics costs for virtual fairs only (transportation of materials/samples overseas) | Proof of completion should include but not limited to the following: • Event write-up attached with corresponding materials, such as photographs of booth setup, publicity materials and exhibitors’ listing which reflects the company’s name • Invoices/receipts/bank statements for payment made to third-party vendor, such as proof of payment for the costs incurred | |
Note: Excludes all Overseas Physical Trade Fairs and Virtual Trade Fairs supported under the Local Enterprise and Association Development (LEAD) Programme | ||
Supportable Activities | Examples of Deliverables | |
Business Matching | Third-party costs incurred to identify potential partners and/or customers (B2B) including the following: • Licensees/franchisees • Agents and distributors • Joint venture partners • Cross-border logistics partners | Consultancy report on the profile of potential customer segment(s) for the Applicant in the selected market and business matching outcomes: • List of potential partners and their profiles for selection • Documentation on the scheduled business meetings with selected partners such as pictures of meetings, name cards of potential partners • Outcome and rationale for the suitability of the selected partner(s) |
Overseas Marketing Presence (OMP) | Project-specific eligible expenses: • Salary of 1 permanent BD staff* stationed at OMP • Rental of OMP *An employee is deemed to be a permanent staff when his/her employment contract only indicates the employment start date, without specifying an end date. Project-specific criteria: **OMP is used for the purpose of marketing/business development. Standalone rental expenses would not be supported. Applicant can post Singaporean/PR/foreigner to be based in the OMP to conduct marketing/BD work. Supportable expenses (salary and rental) will be pegged at 50% support level for SG/PR, 30% support level for foreigners. Staff need not be a new hire. | Proof of completion may include but not limited to the following: • Set up of overseas marketing presence (e.g. rental agreement/invoice, bank transactions proof) • Documentation to show proof that the marketing activities have been conducted in market. (e.g. plans detailing the business strategy/business road map, business meetings, report detailing the project progress/milestones, marketing collaterals) • Posting of the Singaporean/SPR/foreigner (e.g. appointment letters, payslip to show that applicant had made payment to BD staff, proof of stay in market – residential agreement, long stay hotel agreement, passport departure and arrival dates, bank transactions proof) • Proof of rebilling of the invoices to accrue expenses back to the Singapore applicant if its overseas subsidiaries are involved in executing and paying for the expenses incurred |
In-market Business Development | Third party costs relating to subscription costs of outsourced BD services for up to 12 months Activities could include: • Preparation of local in-market BD personnel, product training • Embarking on BD activities to reach out to new business leads • Implementation of market entry activities • Regular updates on the progress of BD effort. • Reviewing market entry strategy and advice on setting up of entity in the market or future strategy plans, etc | Detailed Consultancy report that may include but not limited to the following: • Updates of one local in-market BD personnel’s progress, and documentation and outcomes of business meetings • Report on market updates, including advice on set-up of entity in the market or future strategy plans, etc. |
| Supportable Activities | Examples of Deliverables | |
| Market Entry | Advisory, legal and documentation expenses relating to:
• Name search • Intellectual Property (IP) Search and application2 • Filing and registration for sales/representative offices or equity entity • Implementation of recommended tax structures • Import and export licences • Drafting of franchising, licensing, agency, distributorship and joint venture agreements (limited to only the first set of such agreement) • Trade Credit Insurance (TCI) | Proof of completion may include but not limited to the following:
• Relevant filing documents submitted to authorities • Copies of certificates, permits, licenses obtained • Copies of franchise/JV agreements • Report on assessment of financial and recommendation |
| FTA and Trade Compliance Consultancy^ | Consultancy, advisory and legal expenses relating to:
• Product HS Classification • Customs compliance (including customs valuation) • General trade compliance review/assessment • Export controls and sanctions • In-depth assessment to identify opportunities available in FTAs • Consultancy for FTA compliance, including internal guidelines/checklist | Proof of completion may include but not limited to the following:
• Assessment/Analysis report on company’s current situation, FTA benefits, recommendations. • Copies of customised manual, guidelines, Standard Operational Procedures (SOP), etc. |
The Singapore applicant must own the Intellectual Property to be filed and registered in the overseas market. Trademark/Patent filings applications for Singapore are not supportable.
An application may be rejected for different reasons such as:
To optimise the advantages provided by the MRA Grant and guarantee a prosperous venture in international business development, adherence to the subsequent guidelines is highly recommended:
Here is a guide on submitting your claims and getting your project expenses audited:
1. Ensure all claims, along with their supporting documents, are submitted exclusively through the Business Grants Portal. It is important to complete this process within three months from the project end date.
2. To ensure accuracy and compliance, your project expenses will need to be audited by an auditor approved by Enterprise Singapore (ESG). This audit fee grant can be claimed, with a maximum limit of $500 or the support level specified in Annex 1 of the Letter of Offer, whichever is lower.
3. The contact details of ESG-approved auditors will be conveniently provided in the annex section of your Letter of Offer. Make sure to refer to this annex to find the appropriate auditor for your project.
4. It’s important to note that the MRA grant is administered solely on a reimbursement basis. This means that you will need to pay for the expenses initially and then submit a claim for reimbursement.
5. Depending on the specific requirements of your project, you may be asked to provide additional documents as proof of completion such as a comprehensive report detailing potential customers or partners, a write-up describing an event, or evidence of your participation in trade fairs.
If you’re a business owner in Singapore looking to access the MRA Grant, Finnex is here to help. Contact us today to learn more about how we can support your business in qualifying for this grant opportunity.
During the enhancement period from 1 April 2020 to 31 March 2025, companies that have previously experienced benefits from the Market Readiness Assistance (MRA) program, but have not achieved overseas sales exceeding S$100,000 for a specific market, will continue to receive support.
However, it should be noted that companies that have already utilised the maximum S$100,000 support for a particular market within the aforementioned period will no longer be eligible for any further MRA grants for that specific market.
Certainly, provided that the stipulated market criteria are fulfilled and the projects fall within the respective sub-cap of the activity grant.
Yes, Enterprise Singapore is eager to gain insights into the global growth strategies adopted by individual proprietors and collaborative partnerships. Each application shall be meticulously evaluated considering its unique circumstances and merits.
It’s not possible for companies to apply for the MRA grant after obtaining grant approvals from Enterprise Singapore or other relevant agencies for identical eligible expenses or events.
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