MARKET READINESS ASSISTANCE MRA GRANT CONSULTANCY
If you are a Singapore Small and medium enterprise (SME) and are looking to expand your business or market reach overseas, you may apply for the Market Readiness Assistance (MRA) grant, administered by the Singapore government.
This grant aims to help Singapore companies with first-step internationalisation efforts by funding various business development and marketing activities.
OVERVIEW OF MRA GRANT
The MRA grant can cover up to 70% of eligible costs, capped at S$100,000 per company per new market which refers to a target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years.
The total ceiling support of S$100,000 is divided across the three MRA pillars as follows:
- 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)
Costs Not Covered by the MRA Grant
Only eligible expenses stated in the scope of the MRA Grant are supported.
There are several expenses that companies may expect to be covered that are not supported by the MRA grant. Please refer to this non-exhaustive list of non-qualifying expenses here (scroll towards the bottom of the FAQs).
Full List of MRA Grant Supportable Activities
For a list of supportable activities under the three MRA pillars from Enterprise Singapore’s website here.
- The maximum support period for an approved MRA activity is 12 months.
- A company can apply for multiple MRA grants for each new market/ single activity if the criteria are met and projects are within each activity grant sub-cap.
- If you are looking to grow your business in Singapore, this activity will not be supported by MRA as it is an internationalisation grant. If you want to grow your business locally, the Enterprise Development Grant (EDG) will be more suitable.
- Eligible companies can apply for a MRA grant and EDG simultaneously if it is not for the same scope of work/services/activities.
WORKING WITH A CONSULTANT FOR THE MRA GRANT
An experienced consultant can provide advisory services and assist with overseas market entry. Additionally, the MRA grant can fund up to 80% of third-party consultancy fees. This is an important point as the MRA grant does not support in-house or internal capabilities (research, analysis, strategy planning or business development activities).
For example, Evolve & Adapt is a strategic marketing consultant based in Singapore & Malaysia who has expertise in overseas business development and lead generation for Singapore businesses expanding into Southeast Asia markets.
We specialise in “Overseas Business Development” for MRA projects, specifically local in-market business development consultancy.
We are experienced business consultants who can assist with your MRA project to:
- Increase Leads, Sales & Revenue in the New Market
- Increase Brand Equity in the New Market
- Build Authority & Trust in the New Market
- Grow Your Business in a New Market
If you engage us to consult on a MRA project to target Malaysia, Thailand, Vietnam, Brunei or Indonesia, our consultancy fee may be funded up to 80% by the grant.
While there is no application fee when applying for MRA, some consultants may charge an administrative fee for assisting in a MRA application.
However, Evolve & Adapt will provide the service out of goodwill if we assess the MRA project and decide to take it on.
Contact us for a free consultation to discuss scope of work and options for your business.
KEY MRA GRANT ELIGIBILITY REQUIREMENTS
Like the Enterprise Development Grant (EDG) or most Singapore government grants, for that matter, the company applying for the MRA grant should meet the following criteria:
- Be registered and operating in Singapore. The MRA grant is open to Sole Proprietors, Limited Liability Partnerships and Pte Ltd companies.
- Have a minimum of 30% local shareholding.
- Have less than 200 employees OR have less than SGD100 million annual turnover.
- Be in a financially viable position to start and complete the project. (EDG works on a reimbursement basis and is not an upfront funding grant.)
- Not be a start-up. You should ideally be operating for at least 2 to 3 years.
- Has business activity and preferably growth in the last few years.
- The entity is not a non-profit organisation
Even if your company fulfils the above eligibility requirements, it is important to note that Enterprise Singapore does not accept retrospective applications for already commenced projects.
Applications will be assessed by Enterprise Singapore based on project scope, project outcomes and competency of service provider.