Outline
Are you ready to take your enterprise to the next level by expanding into new markets overseas? With Singapore Market Readiness Assistance MRA grant from Enterprise Singapore (ESG), you can receive the assistance you need to establish your market presence abroad. Submit your application form for the MRA grant via the Business Grant Portal, your SME can access funds of up to 50% of eligible costs, capped at S$100,000.
MRA claims are subject to eligibility criteria, so make sure to thoroughly review the costs associated with overseas market in the Market Readiness grant and criteria for the MRA scheme before submitting your grant. Once you submit your application, it typically takes 8-12 weeks for approval processing.
Market Set-Up Activities covered by the MRA grant is up to S$30,000 for market set-up and consultant services. This includes filing and registration for sales/representative offices or equity entities, as well as intellectual property extension. Additionally, you can receive FTA and Trade Compliance Consultancy to ensure that your market strategy is in line with regulations. Don’t miss out on this opportunity and others like EDG grants to expand your business internationally!
What are the MRA grant eligibility conditions in Singapore?
- A company that legally registers and conducts business activities in Singapore can 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 company’s group annual sales turnover must not surpass S$100 million, or the total number of employees in the group must not exceed 200.
What criteria identify a new overseas market for qualifying under Singapore’s Market Readiness Assistance Grant?
This refers to a new foreign target country that the company is venturing into, where its yearly sales in the target market must not have exceeded S$100,000 in any of the preceding three years.
What are the eligible activities for MRA under Overseas Market Set Up?
| Category | Eligible Activities |
| Market Entry | Costs associated with advisory, legal, and documentation services include:
|
| FTA and Trade Compliance Consultancy
Crucial: To proceed, companies must utilize the approved consultants listed, such as EY, PwC, and Deloitte. |
Consultancy, advisory, and legal services for support in the following areas:
|
Is my Singapore trademark application eligible for the MRA grant associated with overseas market promotion?
No, your Singapore trademark submission is not covered, but the grant covers the extension or new submission in overseas target markets. It can be claimed under MRA subject to your eligibility.
Can I claim trademark applications for multiple jurisdictions in the grant as market entry activities?
When applying internationally, companies have the option to submit a single MRA submission for multiple new markets through systems like the Madrid System, Patent Cooperation Treaty (PCT) System, and Hague System. Companies must specify the main target market in their MRA submission.
On the other hand, for direct national submissions, companies must continue to submit a separate MRA application for each new market.
Can I apply for the MRA grant to claim company secretary or annual recurring services fees?
The MRA only supports filing and registration fees for entities. It does not support operational or recurring fees such as renewal of company secretary services, renewal of registered office address services, annual tax filing and computation, accounting fees etc.
Does the MRA grant support joint venture companies?
Yes, the MRA can support in various ways including:
- Overseas business development: Identifying your partner through business matching.
- Overseas market set-up: Drafting of your partnership or joint venture agreement.
What are the benefits of the MRA grant support?
The MRA is for local companies in Singapore to receive up to S$100,000 of funding in defraying the costs by 50% in a new market for your business’ growth. This includes costs of entering the market and business matching outcomes, and initial expenses when expanding the company in the selected market.
What are the common reasons for the rejection of an MRA claim?
In our experience with MRA, we have not received a formal “rejection letter” in the business grant portal. Instead, EnterpriseSG may exclude certain expenses that they consider to be ineligible. As a result, they sort of “reject” line items in your quotation by not supporting it, emphasizing the importance of ensuring alignment with the MRA grant submission requirements.
For example, if you include annual accounting fees or first-year financial statements and tax filing fees in your claim, which are clearly stated to be excluded from your grant, these items will be deemed ineligible. ESG will pro-rate the total amount according to eligible activities. This adjustment does not mean they reject your grant submission; it simply means they revise and reduce your qualifying amount.
What costs does the MRA grant not cover?
- Help provided by Customs Authorities for post-audit Free Trade Agreement (FTA) checks
- Submission for Advanced Ruling with Singapore customs
- Overseas expenses needed to make the business operational
- Overseas expenses associated with appointing a Power of Attorney
- Administrative services for the company, including preparation for Singapore submissions
- Funds that have been contributed for the company’s use
- Yearly registered office address/lease agreement
- Service of a custodial director
- Registration of individual directors for tax purposes
- Expenses related to workforce matters such as employee recruitment, work permits, and visas
- Costs for product certification and testing (Please provide proof of import/export licenses as evidence of completion)
- Filing for trademarks and patents in Singapore as part of MRA Grant initiatives
What do I need to show as a deliverable for the grant?
Market Entry
- Provide evidence of Intellectual Property (IP) or trademarks officially registered, including the necessary paperwork submitted to relevant authorities.
- Certificate of Incorporation
- Photocopy of certificate/permit/licenses/franchise agreement
- Final evaluation reports
FTA and Trade Compliance consultancy
- Comprehensive analysis of the existing state, evaluation of trade compliance, possible advantages from specific free trade agreements (if applicable), and the relevant information about these agreements.
- Strategies and tactics to capitalize on free trade agreements.
- Appropriate records submitted to governing bodies.
- Duplicates of acquired certificates, permits, and licenses, which are often necessary for the submission of your MRA grant application form.
- Written decision or advice about goods classification, determination of origin, and/or customs valuation.
- Official guidelines for standard operating procedures.
- Copies of certificates, permits, licenses or official submissions processed with customs authorities.
What is the application process for the MRA Grant?
For Singapore companies to expand overseas through various market promotion activities:
- First: Choose Your Market
- Second: Choose Your Activity
- Third: Gather Required Documents
- Fourth: Apply on the Business Grants Portal (BGP)
Important: We cannot apply on behalf of applicant companies, but we can assist with advisory and preparation of required documents.
Is choosing a consultant from Enterprise Singapore’s list mandatory for foreign market marketing and entry?
No, except for the list provided by Enterprise Singapore of FTA and Trade Compliance consultants, companies have the option to consult different references or approach their preferred consultants for quotations. We strongly encourage companies to thoroughly research and evaluate consultants before appointing them!
Conclusion
Enterprise Singapore’s MRA grant offers SMEs up to S$30,000 for market entry and consultant services, enabling them to establish a foothold abroad. This includes covering costs for market promotion activities, lowering barriers for global expansion. To qualify, companies must meet the criteria and submit their application in a timely manner. The grant typically takes 8-12 weeks to approve, and successful applicants can quickly embark on their international expansion journey. Understanding eligible costs and deliverables can streamline the process and maximize benefits. The MRA grant is a significant opportunity for ambitious enterprises to achieve international success and unlock new growth opportunities.
