The MRA Grant PDF is downloadable here. As announced at Budget 2021, the maximum support level of up to 80% will be extended for 6 months, until 31 March 2022. MRA will also be enhanced to include Trade Credit Insurance (TCI) as a supportable area under the overseas market set-up pillar with effect from 1 April 2021.
Companies can apply through the Business Grant Portal and the form is pretty quick to fill up and submit. However, a company must submit your applications no earlier than 6 months of project start date and the project cannot start prior to application approval.
Market Readiness Assistance Grant: How To Claim MRA Grant
The MRA grant was set up to accelerate overseas expansion for Singapore SMEs, supporting pre-determined activities focused on helping you in overseas set-ups, identification of business partners (business matching) and overseas market promotion.
What You Will Receive From MRA:
There are three different categories that the MRA projects focus on. One focus is overseas market expansion, which focuses on helping the company to grow overseas, overseas business development and overseas market setup. Eligible SMEs are entitled to the following things:
Eligible SMEs will receive the following support:
- Up to 80% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2022 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)
We have listed here 3 main areas that you can claim MRA for your business in Singapore:
Overseas Market Promotion
This includes overseas marketing activities and efforts to bring your business to the new existing markets. This also covers physical and virtual trade shows.
Overseas Marketing and PR Activities
List of Claimable Activities:
• Marketing and PR activities including launch of in store promotions, road shows, pop-up stores
• Pitching fees at overseas business/trade conferences
You should be able to qualify and you can find out more information about Market Readiness Grant here
Participation in Overseas Physical and Virtual Trade Fairs NOT supported under LEAD International Fairs & Missions (LEAD)
• Space rental (capped at 36 square metres)
• Booth design and construction (capped at 36 square
metres)
• Virtual Exhibition hall & Booth access
• Collateral creation (EDMs, booth writeup)
• Business Meeting/Matching sessions
• Pitches/ Product launches / Speaking Slots
• Webinar/ Conference
• Post Event Analytics
• 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)
Overseas Business Development
There are 3 areas that this portion covers : Business Matching, Overseas Market Presence (OMP) & In-Market Business Development. This section is meant to help to spur business development efforts in the overseas market. Currently the most popular will be OMP or Overseas Market Presence.
Business Matching
List of Claimable Activities:
• Licensees/franchisees
• Agents and distributors
• Joint venture partners
This covers the joint efforts between companies and also business matching to enter the new market. You will need to provide a detailed profile report of potential customers/partners for the company in the selected market and business matching outcomes.
Overseas Market Presence (OMP)
List of claimable activities:
• Salary of 1 permanent BD staff* stationed at OMP**
• Rental of OMP
This covers a permanent employee’s salary to be based overseas. The supportable expense will be pegged at 80% support level for SGP/PR and up to 60% for support level for foreigners. The staff need not be a new hire. Also, this is mainly for marketing/business development activities and documentation have to be provided upon claim.
In Market Business Development
List of claimable activities:
• 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
Still confused? Here are top 10 things to know for MRA Grant For SME owners
Overseas Market Setup
This section to assist the company in setting up the company overseas.
Market Entry
List of claimable activites:
• Name search
• Intellectual Property (IP) Search and application
• 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)
In-depth FTA Consultancy
• In-depth assessment to identify opportunities available in FTAs
• Analysis of company’s supply chain
• Application procedures for Customs rulings with issuing authority
• Consultancy for FTA compliance, including internal guidelines/checklist
If you’re hoping to grow your business overseas, but you need the financial support to do so, consider applying for Market Readiness Assistance Grant today. This grant can help companies that are looking for the financial assistance to complete some of the company goals mentioned above. We have supported many companies applying for MRA Grant, you can chat with us as well.
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Disclaimer: This article is written on the date that is published and based on our point of view. Final approval and disbursement is subject to approval by the relevant authorities. This article is not approved or written to represent the Singapore government authorities.
