A Brief Guide to Applying for MRA Grant for Your Business

By Kathryn Jimenez 2 years ago

The Market Readiness Assistance or MRA grant is for local SMEs wishing to extend their operations beyond Singapore. It assists local enterprises with their international market entry and offers cash support for various foreign market entry initiatives. The award will be accessible through March 31, 2023, covering up to 70% of qualified expenditures.

Grant Criteria

However, firms and businesses must fulfil a few eligibility criteria for the grant. Companies interested in applying for the MRA Grant Singapore must meet the following:

– A registered/incorporated company in Singapore.

– Fulfil the new market entrance requirements of the chosen overseas jurisdiction – the annual foreign sales must not have surpassed S$100,000 in the previous three years.

– Must have at least 30% local ownership.

– Group Annual Sales Turnover shall not exceed S$100 million, OR Group Employment Size should be less than or equivalent to 200 workers.

Application Benefits

The MRA grant enables local SMEs to pursue additional international business possibilities by supporting up to 70% of qualifying expenditures for approved activities. It lets businesses avoid spending a lot of money to get started and offers a fantastic opportunity to explore overseas markets at a substantially cheaper cost. Local firms can also use the grant to collaborate directly with recognised suppliers that specialise in assisting enterprises in entering overseas markets through business matchmaking events.

Application for MRA Grant

There are four steps businesses must follow to apply for the MRA grant:

:

1. Cost Quotation Request –

Request a quote from your third-party professional who you choose to designate for the qualifying actions.

2. Business Grants Portal Application –

Apply for the MRA grant through the portal or hire a corporate service provider for help.

3. Getting Letter of Offer –

Wait until you receive a Letter of Offer from International Enterprise (IE) Singapore.

4. Claim Submission –

Once you have received the letter, you must complete the project within six months and submit your claim for payment to IE Singapore.

IE Singapore will not evaluate any submissions from the past. It suggests that a business must:

  • Avoid upfront payment or deposit;
  • Sign any legally binding contract, or;
  • Begin any project before applying for an MRA grant.

Paul Hype Page & Co supports forward-thinking foreign expats and locals with a hungry entrepreneurial spirit. The business distinguishes itself from other basic accounting and audit service providers in Singapore by providing unique and customised experiences. Paul Hype Page & Co offers comprehensive corporate services that put people first. They have a sturdy international network of partners to help guide all their clients down the correct route. Visit Paul Hype Page & Co’s website to discover more about the company and its individualised services, such as MRA grant assistance.