Kickstart Your Global Business Journey with the MRA Grant: A Complete Guide

Dreaming of taking your business to the global stage but not sure where to begin? The Market Readiness Assistance (MRA) program is designed to help businesses like yours make the leap into international markets. Offered by International Enterprise (IE) Singapore, a statutory board under the Ministry of Trade and Industry (MITI), the MRA grant supports costs associated with overseas marketing and business development.

In this guide, we’ll walk you through everything you need to know about the MRA grant, from who qualifies to how it can benefit your business and the steps to apply.

Inside this Article

• Key Takeaways

• What is Market Readiness Assistance (MRA) Grant?

• Advantages of the MRA Grant for SMEs

• Criteria for MRA Grant Eligibility

• Step-by-Step Process for MRA Grant Application

• Getting the Most Out of Your MRA Grant

• Avoid These Common Errors When Applying for the MRA Grant

• How Grant Sensei Can Help with Your MRA Grant Application

Key Takeaways

• Enterprise Singapore’s Market Readiness Assistance (MRA) grant provides funding support of up to 50% for Singaporean businesses aiming to expand internationally, with a maximum funding cap of S$100,000 for overseas market setup initiatives.

• This grant primarily benefits Small and Medium Enterprises (SMEs) in Singapore by offering financial assistance for various overseas business activities, including market entry setup, participation in trade shows, intellectual property filings, joint ventures, and marketing efforts abroad.

• To qualify for the MRA grant, businesses must have at least 30% local ownership, be registered and operating in Singapore, and meet specific eligibility requirements. One of these is submitting the application at least six months prior to the project's start date.

What is Market Readiness Assistance (MRA) Grant?

Expanding into international markets can be challenging, but Enterprise Singapore’s Market Readiness Assistance (MRA) grant helps ease the financial burden for local businesses.

The grant covers up to 50% of eligible costs for activities such as trade show participation, digital marketing (capped at S$20,000), market research, feasibility studies, business matching (capped at S$50,000), and overseas setup, including regulatory compliance and hiring (capped at S$30,000).

Applicants can choose one activity per overseas market, with support aimed at simplifying global expansion and leveraging free trade agreements.

Advantages of the MRA Grant for SMEs

Financial Support

The MRA grant offers businesses up to 50% co-funding of eligible expenses, with a cap of S$100,000 per new market over three years, helping to ease the financial challenges of market expansion.

Comprehensive Coverage

The grant provides extensive support, offering financial assistance across multiple stages of overseas business development, such as marketing, recruitment, office setup, market analysis, and regulatory compliance.

Market Diversification

An important feature of this grant is its support for businesses in diversifying their customer base and exploring new revenue streams in international markets. This promotes greater stability and growth potential, especially during economic challenges or when the domestic market becomes saturated.

The Market Readiness Assistance (MRA) Grant offers several key benefits to Small and Medium Enterprises (SMEs) in Singapore, helping them to expand their operations internationally and enhance their competitiveness.

The grant supports SMEs in building their capabilities by offering access to market research, feasibility studies, and advisory services. This enables businesses to gain deeper insights into foreign market dynamics, make informed decisions, and improve their strategic planning and implementation.

Capacity Building

Expanding internationally can boost a brand’s global visibility and reputation. Success in new markets strengthens SMEs’ competitiveness on both domestic and international levels, paving the way for sustainable growth and long-term success.

Increase Competitiveness

Criteria for MRA Grant Eligibility

Business entity is registered and operating in Singapore

At least 30% local equity held directly or indirectly by Singaporean(s) and/or Singapore PR(s), determined by the ultimate individual ownership

New to target overseas market
The company’s annual sales in the target market must not have exceeded S$100,000 in any of the preceding three years.

Group Annual Sales Turnover not exceeding S$100 million OR a Group employment size not exceeding 200 employees

Getting the Most Out of Your MRA Grant

Strategic Utilization

Use the grant purposefully by focusing on activities that align with your business goals and target market strategy. Careful planning and budgeting are essential to maximize the funding within the grant’s scope.

Progress Monitoring

Regularly track the progress of grant-funded projects. Evaluate milestones and financial performance to assess effectiveness and make necessary adjustments.

Clear Objectives

Define clear goals and expected outcomes for each initiative. This helps measure success and ensures the grant contributes to meaningful business growth

Avoid These Common Errors When Applying for the MRA Grant

Avoid Retrospective Applications

Ensure your project has not started, and no payments have been made to consultants before submitting your grant application. Applications for projects that have already begun will be disqualified.

Submit a Comprehensive Proposal

Provide a detailed breakdown of costs and planned activities, such as participation in trade fairs, collaborations with overseas partners, intellectual property filings, and in-market business development initiatives. Including anticipated outcomes, such as projected overseas sales, can strengthen your application.

Align the Project Scope with Grant Objectives

Avoid overly narrow project scopes that may not meet the grant’s broad objectives of market expansion and business development. Ensure your proposal aligns with the grant's purpose to increase your chances of approval.

How Grant Sensei Can Help with Your MRA Grant Application

Grant Sensei offers businesses invaluable support throughout the MRA grant application process, ensuring that every submission effectively highlights the most important aspects of the project. Their team works meticulously to craft applications that not only align with the grant’s objectives but also showcase the project’s anticipated outcomes and overall value. Recognizing the importance of selecting the right consultants, Grant Sensei assists in identifying professionals who meet the grant’s criteria and can effectively execute market entry activities.

Additionally, they provide guidance on meeting compliance and audit requirements, ensuring that all necessary documentation is accurate and complete to avoid any potential issues. Their expertise also extends to navigating the complexities of Free Trade Agreements (FTAs) and regulatory frameworks in target markets, helping businesses address the legal and operational aspects of international expansion. With their tailored approach, Grant Sensei enhances the effectiveness of the MRA grant, making it a powerful tool for businesses looking to successfully establish themselves in overseas markets.