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Market Readiness Assistance (MRA)

This grant provides Small and Medium Enterprises (SMEs) with financial assistance when expanding their products and services to overseas markets.

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Benefits
  • Up to 70% funding on eligible costs*.
  • The maximum support level of up to 80% will be extended for 6 months, until 31 March 2022.
  • From 1 April 2020, the grant cap will be increased to S$100k per new market over three years till 31 March 2023.

Note: As announced at Budget 2021, MRA will also be enhanced to include Trade Credit Insurance (TCI) as a supportable area under the overseas markets set-up pillar with effect from 1 April 2021.

*Refer to "Critical Information" for more details.

Eligibility

You are:

  • A Singapore SME looking to enter a new overseas market**.

 

You need to:

  • Be registered or incorporated in Singapore;
  • Have at least 30% local shareholding;
  • Have a group annual turnover not exceeding S$100 million per year based on most recent audit report or group employment not exceeding 200 employees.

 

 

** New market entry criteria: target overseas country where the applicant has not exceeded S$100,000 in sales in each of the last three preceding years.

Critical information
  • Maximum of two applications per fiscal year, starting 1 April and ending 31 March the following year. From 1 April 2020, there is no limit to the number of MRA applications a company can apply for. Companies can have the flexibility to determine their pace of entry into overseas markets.
  • Limited to one activity (e.g. market entry, or participation in a trade fair) per application. From 1 April 2020, in-depth FTA consultancy would be supported. As FTA consultancy is a highly specialised field, companies may refer to ESG’s list of pre-qualified consultants that offer FTA advisory services, which would be made available from 1 April 2020.
  • Approved activity is supported for a maximum of 6 months.
  • Companies can proceed to sign the contract with the consultant or third party vendor after submitting the application via the Business Grants Portal.
  • Project commencement and completion dates must be in accordance to the project support period stipulated in the portal.

For more details, click here.

 

Note: As of 30 December 2020, Overseas Market Presence (OMP) will be supported under the Market Readiness Assistance (MRA) grant. Please refer here for more details. 

What to expect when applying

Application Process:

  • Sign-in to the Business Grants Portal (BGP) with your CorpPass1.
  • Apply for MRA through the BGP.
  • Applications must be submitted no earlier than 6 months of project start date.

Claims:

  • All claims must be submitted within 3 months from project end date.
  • All claims must be verified by an independently appointed auditor.
  • If ESG appointed auditors are used, 70% of the audit fee (capped at $500) will be covered.
  • All claims are strictly on reimbursement basis.

Note:

  • Applications will not be accepted if the following events took place before the application date:
    1. Signed an engagement letter with the third party consultant,
    2. Made the first payment to the third party consultant,
    3. Commenced the project with the third party consultant.

1. No CorpPass Account? Refer to the CorpPass guide for instructions on setting up an account.

Useful links

For more details: Market Readiness Assistance (MRA)

For Frequently Asked Questions: MRA-FAQs

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