Outline
Are you a Singaporean business looking to expand your reach and tap into new markets? The Singapore Market Readiness Assistance MRA Grant may be just the support you need to kickstart your international ventures. In this guide, we will delve into the specifics of the MRA Grant Claim edition, answering all your burning questions on how to leverage this funding to grow your business.
From eligibility criteria to the application process and claim requirements, we will provide you with a comprehensive overview of what you need to know to successfully process your MRA Grant Claim. Whether you are a small startup or an established enterprise aiming to apply for the MRA grant, this guide will give you the necessary insights to make the most out of this valuable resource.
When can I claim my money after market entry activities or overseas market promotion are completed?
Once your project for is completed, you may engage an auditor to verify your claim from EnterpriseSG pre-approved list. Audit costs are supported by EnterpriseSG, as per the Letter of Offer.
After the audit, you may submit claims via the Business Grants Portal (BGP). Upon approval, the received grant amount will be released within 6-8 weeks.
Tips: Keep track of your dates because the claim must be made within the deadline provided in the Letter of Offer. It is also important to maintain detailed records of all project expenses and documentation to support your MRA grant claim. Make sure to follow the guidelines provided by EnterpriseSG for the submission of claims to ensure a smooth and efficient process, and to comply with the scheme requirements.
If you have any concerns or need assistance with your claim, please do not hesitate to contact us.
Will there be a situation where I can’t claim my money?
Yes, here are a few scenarios you must look out for:
- If you have missed your qualifying period and exceeded the claim due date, you will not be able to claim your money.
- Project is incomplete or deliverables are not met. You may submit a change request to adjust your project details.
- You started your project before submission or before the declared start date.
- You misrepresented your project or provided false information in your application.
- You did not provide all the necessary documentation or information required for the claim process.
- You have violated any terms or conditions set by Enterprise Singapore.
Can I claim if my overseas project like market entry or market promotion finishes before the stated end date?
Yes, you can still initiate the claims procedure starting with engaging an EnterpriseSG pre-approved auditor. In fact, we always suggest a 12 months project duration even if it seems a small project to effectively build your market presence. This is so that we do not have to keep extending end dates in cases of unforeseen delay.
Furthermore, by starting the claims process early, you can avoid any potential delays in receiving your grant funds from schemes like EDG or MRA. The auditor will help you to gather all the necessary documentation and information required for the claims submission.
What documents are required to support the audit application process for the MRA grant claim?
Engage an auditor to verify your claim from EnterpriseSG pre-approved list. Audit costs are supported by EnterpriseSG, as per the Letter of Offer. Below are usually documents requested by auditors:
- Letter of offer and any addendums
- Invoices
- Quotations
- Bank statements to show proof of payment
- Proof of completion of service by the vendor (usually following the deliverables stated in the letter of offer)
Upon approval, the received grant amount will be released within 6-8 weeks. It is important to provide all relevant documentation requested by the auditor in a timely manner to ensure the verification process is completed smoothly to ensure that the grant eligibility criteria are met. This will help expedite the release of the grant amount within the stipulated timeframe. Remember to keep all communication channels open with EnterpriseSG and the auditor to address any queries or concerns promptly.
What are the common reasons for the rejection of an MRA claim?
It is usually not rejected, but certain expenses may be deemed ineligible. You will not be able to request reimbursement for these particular expenses through the BGP. For instance, if your claim for staff salary includes costs for flights and accommodation, which are not eligible, it will be rejected. Similarly, if your office claim exceeds the intended space for one person, the amount will be pro-rated accordingly.
What is the typical processing time for MRA grant claim in Singapore?
Auditors will usually take 1 to 2 months, depending on fulfilment of requested documents.
After that, upon submission on the BGP, the received grant amount will be released within 6-8 weeks.
Please note that these timelines are estimates and can vary depending on the specific circumstances of the grant application and auditing process. It is important to ensure that all requested documents are provided in a timely manner to help expedite the process. If there are delays or issues with the auditing process, the release of the grant amount may also be delayed. It is important to communicate with the auditors and grant administrators throughout the process to ensure a smooth and timely release of funds.
What if I have additional expenses during project?
The MRA grant is granted upon the quotation provided by companies when they apply. The approved amount is final, and no further claims will be accepted. Companies must provide all necessary documentation to support their quotation, including proof of purchase and payment. Any discrepancies or inaccuracies in the documentation may result in the grant support being revoked.
The MRA grant is intended to help companies offset the cost of overseas expansion. It is important that the funds from the Singapore government grants are used for their intended purpose, such as market entry or expanding into a target market, and not for any other expenditures. Overall, it is important for companies to be transparent and accurate in their application for MRA grant support to ensure that the funds are used effectively and efficiently.
Will I need to pay for my own audit?
Audit costs are supported by EnterpriseSG, as per the Letter of Offer- that is usually $500. Engage an auditor to verify your claim from Enterprise Singapore pre-approved list. EnterpriseSG has pre-approved a list of auditors that businesses can engage to verify their claim for audit costs support.
What are the eligibility criteria for MRA grant?
- A company that is legally registered and conducting business activities in Singapore is allowed to apply.
- The company must have a minimum of 30% ownership, either directly or indirectly, by Singaporeans or Singapore Permanent Residents, as determined by the ultimate individual ownership.
- The company is newly venturing into international markets.
- The total sales turnover of the company’s group must not surpass S$100 million, or the total number of employees in the group must not exceed 200.
Conclusion
As a SME, you understand the importance of tapping into new markets to drive growth and increase revenue. Now is the time to take action and submit your application for the Market Readiness Grant Singapore. This grant is designed to support Singapore companies like yours in exploring and entering a new market for your business’ growth. The Market must remain eligible for the MRA grant, such as not having exceeded sales in the target market, and the target market must be registered and operating in Singapore. The grant covers expenses related to market entry, such as market research and market strategy. Once your grant application form has been submitted, it typically takes 8-12 weeks to process.
Remember to thoroughly review the eligibility criteria to ensure that your company is eligible for the market readiness grant. Eligible companies can receive up to $100,000 per company per new market to support their market expansion efforts. The MRA claims are subject to certain criteria and documentation requirements, so it’s essential to provide accurate and complete information in your MRA application. Once your grant has been approved, you can begin implementing your market entry plans and leveraging the grant to drive success in your new market. Don’t miss this opportunity to access funding and support for your market expansion initiatives!
