Outline
So, you’re thinking about expanding your business to Singapore? One of the best ways to get some financial support for your venture is by applying for the Market Readiness Grant (MRA). This grant aims to help local companies in Singapore make their mark in the global market. To qualify for the MRA grant, you need to meet certain eligibility criteria set by Enterprise Singapore. Once your company has been deemed eligible, you can proceed to submit your MRA application.
Now, let’s talk about the nitty-gritty details of the MRA application process. When your company applies for the MRA grant, you will need to provide all the necessary documentation to support your claims via the business grant. These claims are subject to audit, so make sure you have everything in order. If your grant has been approved, you may be eligible for more MRA grants for that market. However, keep in mind that grant approvals from Enterprise Singapore are not guaranteed, so it’s best to double-check all the criteria for the MRA grant before submitting your application.
What are the Benefits of the Market Readiness Assistance (MRA) Grant in Singapore?
The Singapore Market Readiness Assistance (MRA) Grant offers several benefits to Singapore companies seeking to expand their overseas market presence. Businesses can apply for the MRA grant through the Business Grant Portal, providing they meet the eligibility criteria. The grant assists in market entry activities, such as overseas sales and the set-up of an overseas business. It also supports business development and intellectual property protection.
The grant application form must be submitted via the Business Grant Portal. The MRA Grant has a grant cap from 1 April 2020 to 31 March 2023, with S$100,000 per new market per company in Singapore.
What are the eligibility criteria for the MRA grant Singapore?
The grant is available to Small and Medium Enterprises (SMEs) in Singapore with the following requirements:
- 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 company’s group annual sales turnover must not surpass S$100 million, or the group employment size in the group must not exceed 200.
Other grants like the enterprise development grant also offered by Enterprise Singapore (ESG) may assist the expansion of the company.
Can the MRA grant application include consultant fees for overseas digital marketing?
Certainly. Deductible expenses include the expenses incurred for initiating marketing and public relations initiatives by establishing a social media presence, for example, through advertising and disseminating content, as well as obtaining coverage from online media on different platforms.
It is crucial to understand that the assistance, including the MRA grant from the Singapore government, aims to assist businesses in establishing brand recognition and increasing exposure to prospective international customers through a strategic market strategy. Only products and services affiliated with the Singapore applicant and/or its subsidiary companies will be eligible for promotion. Unrelated marketing or public relations initiatives will not receive support unless they are part of a comprehensive marketing or public relations strategy.
When can a company apply for the MRA grant for trade show claims?
Companies have the opportunity to reserve booth space and finalize the design and construction expenses for overseas tradeshows in advance. However, the provision of MRA grant support is contingent upon the approval of companies’ applications by Enterprise Singapore.
Can I claim the grant for rental of my large booth space?
The maximum size of the MRA grant support per company will be limited to 36 square meters. The support will only cover a standard booth size, which is determined by the majority of the applications. If a company requests a booth larger than this standard size, the grant will not be able to cover the additional cost. Considering the general patterns, it is deemed reasonable for companies from various industries to have a booth space of 36 square meters in order to showcase their machinery, furniture, and other items.
What if my package includes marketing and promotion in multiple countries?
All the costs can be covered if applied correctly because MRA does cover marketing activities in any new markets. We would suggest that each country should have its quotation and submit multiple submissions accordingly, optimizing the market strategy for each foreign market. Otherwise, EnterpriseSG officers may pro-rate your grant according to the country at hand.
What costs are not covered in the scheme during the application process for the MRA grant?
- Goods and Services Tax (GST) imposed by Singapore
- Expenses charged by other government agencies in Singapore
- Expenses paid directly (for example, airfare, transportation, hotel accommodation) as part of the company’s market strategy for expanding into a foreign market.
- Creating a prototype
- Expenses generated for organizing international trade shows, and employing staff from within the organization (such as promoters, maintenance workers, security deposits, sales commissions, business cards, and achievement fees).
- Producing brochures for a company’s foreign market ventures
- Expenses incurred to fulfill contractual obligations with clients
- Costs of food samples/products, promotional prizes/gifts, sponsorship fees (prize money)
- Expenses incurred for in-house employees, maintenance, security deposits, sales commissions, and success fees
- Separate expenses (such as food and beverage, photography, emcee costs, email marketing, and placement of occasional print advertisements), unless it is part of a comprehensive marketing/PR campaign for a foreign market.
- Making phone calls for marketing purposes, a key component of a comprehensive market strategy
- Publicity expenses to attract capital or investments for the business
- Creating videos for social media content
- Expenses incurred for equipment (such as tablets, printers, hard drives, computers)
What are eligible activities for the MRA Grant of Overseas Market Promotion per new market?
| Category | Eligible Activities |
|---|---|
| Overseas Marketing and PR activities
Important: The support is there to assist companies in increasing their brand visibility and reaching out to potential clients abroad. The products and services being promoted should be from the Singapore applicant or its subsidiaries. They won’t support individual marketing or PR activities unless they’re part of a bigger marketing or PR campaign. |
Expenses from external sources for:
|
| Overseas Physical Trade Fairs | Expenses from external sources for:
|
| Virtual Trade Fairs | Packaged fees that Event Organisers charge for like:
|
What do I need to show as a deliverable for my market readiness grant?
Various forms of evidence can be provided as proof of completion as stated in the letter of offer, but they are not restricted to the ones listed below.
Overseas Marketing and PR Activities
- Document detailing the event along with accompanying materials such as photos and promotional items.
- Overview of the activities already completed and the overall plan for communication, including market strategy advisement from a consultant.
- Evidence of payment to a third-party vendor in the form of invoices, receipts, and bank statements to confirm the expenses incurred have been settled.
Overseas Physical Trade Fairs
- Images and exhibitor directory that showcase the name of the applicant company at their designated booth.
- A written account of the event using a word document that covers 3-4 paragraphs describing the atmosphere of the booth, the overall experience, and the advantages that the applicant company gained from participating.
Virtual Trade Fairs
- Photographs of exhibitor listings, promotional materials, digital booths, virtual meetings/matching sessions, post event data analysis reports, and samples of products for online trade shows (if offered and/or relevant)
What are the required documents for the application?
To apply for the Singapore Market Readiness Assistance Grant, several required documents need to be submitted. The purpose of the MRA grant is to support SMEs in their overseas expansion and market set-up activities. This includes providing consultancy services and business matching in the selected market. The MRA grant can be obtained as long as the company meets the criteria set by Enterprise Singapore and has a clear plan for their overseas expansion.
- First, the SME must confirm their business activity on their BizFile before applying.
- Secondly, the company’s financial statements need to be provided.
- Additionally, a quotation and proposal from a vendor is also necessary.
Are virtual trade fairs for the target market supported?
Yes, you can attend virtual trade fairs. However, please note that they must NOT be supported under LEAD International Fairs and Missions (LEAD). Eligible costs include packaged fees charged by Event Organisers relating to:
- Virtual Exhibition hall & Booth access
- Collateral creation (EDMs, booth writeup)
- Business Meeting/Matching sessions
- Pitches/ Product launches / Speaking Slots
Are Singapore Based exhibitions supported?
No, MRA is intended for overseas markets as part of Singapore government initiatives. Local trade fairs and exhibitions are not covered.
Conclusion
Alright, so here’s the deal – if you’re a local SME or a subsidiary looking to expand your market or future strategy plans, you might want to consider applying for the MRA grant. This grant, provided by Enterprise Singapore, can help cover various expenses that are directly related to your business expansion. Whether it’s for salary payments, market research, or any other expenses covered by the grant, the MRA grant application process is can be easier with our help. We will assist you to fill out the MRA grant application form for submission and review. With Singapore looking to support businesses in their growth and expansion efforts, this could be the perfect chance for you to elevate your business to the next level.
