Market Readiness Assistance

Description:

• The MRA grant supports Singapore-based companies in expanding into new overseas markets by defraying costs related to overseas market promotion, business development, and market set-up.
• It aims to help companies overcome initial market entry barriers and accelerate internationalization efforts.

Objectives:

• Facilitate overseas market expansion for local SMEs.
• Offset costs associated with overseas marketing, business development, and market establishment.
• Encourage companies to explore and establish presence in new markets.

Target Beneficiaries:

• Business entities registered and operating in Singapore.
• Companies with at least 30% local equity held by Singaporeans or Singapore PRs.
• SMEs new to the target overseas market (annual sales in that market not exceeding S$100,000 in the past 3 years).
• Group annual sales turnover not exceeding S$100 million or group employment size not exceeding 200 employees.

Key Features:

• Funding covers up to 50% of eligible costs, capped at S$100,000 per company per new market.
• Support is divided into three pillars with individual caps:
  • Overseas market promotion (up to S$20,000)
  • Overseas business development (up to S$50,000)
  • Overseas market set-up (up to S$30,000)
• Each application covers one activity in a single overseas market.
• Eligible activities include marketing campaigns, trade fairs, partner identification, business development services, overseas marketing presence, market entry advisory, and FTA & trade compliance consultancy.
• Projects must not exceed 12 months; retrospective applications are not allowed.
• Applications must be submitted within 6 months before project start date.
• Audit of claims is required, with audit costs partially supported.

Application Process:

1. Identify target overseas market (new market with sales ≤ S$100,000 in past 3 years).
2. Select the activity and a suitable vendor (except for Overseas Marketing Presence).
3. Prepare required documents including financial statements, vendor proposals, and credentials.
4. Apply via the Business Grants Portal using a CorpPass account.
5. Receive Letter of Offer detailing grant conditions and project period.
6. Complete the project and meet deliverables.
7. Conduct audit through EnterpriseSG’s pre-qualified auditors.
8. Submit claims with audit report and deliverables.
9. Receive disbursement via PayNow Corporate or GIRO.

The grant application typically takes 8-12 weeks for processing. Group applications are not allowed, and third-party applications on behalf of companies are prohibited.