Market Readiness Awareness (MRA)

Overview

Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.

Eligible SMEs will receive the following support:

• Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 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)

• Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)

Note: The MRA Grant support level of up to 70% will be extended until 31 Mar 2023.

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.

* With effect from 1 April 2020, a new market refers to a target overseas country whereby the applicant company has not exceeded S$100,000 in overseas sales in each of the last three preceding years.

Benefits

• Business to benefit immensely from expanding overseas with strategic moves
• Defray hefty costs and soften the blow to Company’s bottom line
• Give businesses greater room for growth and reach out to a larger target audience to introduce Company’s product or service

Funding Support

The S$100,000 grant cap is applicable over the enhancement period of 1 April 2020 to 31 March 2023, comprising activity sub-caps of:

1. S$20,000 for Overseas Market Promotion
2. S$50,000 for Overseas Business Development
3. S$30,000 for Overseas Market Set-up

Eligibility Criteria

Companies should meet the following criteria:

• Business entity is registered/incorporated in Singapore
• New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years
• At least 30% local shareholding
• Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees

Eligible employers who fulfil the following criteria can also qualify for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme:

• Have contributed at least S$750 Skills Development Levy over the qualifying period
• Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period
• Have not been qualified for SFEC at any of the earlier periods

Agency: Enterprise Singapore – per link attached

https://www.enterprisesg.gov.sg/financial-assistance/grants/for-local-companies/market-readiness-assistance-grant