Have a lot of questions regarding the Market Readiness Assistance (MRA) Grant? We have laid out the Market Readiness Assistance FAQs that you are eager to ask.
MRA Grant eligibility criteria
Business entities must be registered in Singapore, has at least 30% local shareholding, the company’s annual sales turnover must not exceed SGD100 Million or employment size must not be more than 200 workers and the corporation must be new to targeting the overseas market.
Qualifications of a new overseas market?
When a company expands to a new overseas country, where its annual overseas sales in the said country have not surpassed SGD100,000 in the three consecutive years.
Can companies with a current foreign presence or foreign sales apply for MRA support?
Companies previously aided by the MRA, but the overseas sales have not surpassed SGD100,000, be able to continue getting support throughout the enhancement period from 1 April 2020 to 31 March 2023.
If companies have used up the SGD100,000 support between 1 April 2020 and 31 March 2023 will not be suitable to continue applying for MRA grants.
How many times can companies apply for MRA?
Currently, there’s no threshold to the number of MRA applications that a business can apply.
How will the companies find appropriate in-depth FTA consultants for their Overseas Market Set-up activities?
Companies will be able to see Enterprise Singapore’s list* of FTA consultants that offer their advisory services.
What if a Singapore-based company has overseas production bases creating foreign-origin goods, does the MRA support consultancy services on FTAs, of which, Singapore is not a member?
MRA support for FTA consultancy scope is available to local SMEs. If the candidate company produces in a foreign country, the consultant will inform the company of the appropriate FTAs. They will assist the business in evaluating the potential gains of leveraging on the FTAs, including those that Singapore is not a member of.
What is the breakdown of the SGD100,000 grant for every successful applicant?
The SGD100,000 grant is available during the enhancement period from 1 April 2020 to 31 March 2023, here are the sub-caps:
- SGD20,000 for Overseas Market Promotion
- SGD50,000 for Overseas Business Development
- SGD30,000 for Overseas Market Set-up
What if a parent company and its subsidiary both apply for the MRA Grant, will they be given SGD100,000 grant cap?
The grant cap of SGD100,000 is applicable to each company during the enhancement phase. Enterprise Singapore reviews the applications based on the candidate’s international plans. Companies with similar business registration details (such as nature of the business, address, shareholder/directorship, etc.) will be considered as connected companies and will be granted SGD100,000 during the enhancement period.
Are group applications accepted?
No, Enterprise Singapore does not allow 2 or more companies to apply under one application. Each company should submit a single application for one activity.
Can sole proprietors and partnerships apply for the MRA Grant?
Enterprise Singapore will be assessing applications on a case-by-case basis.
Will it be possible for a company to apply for the MRA grant even if they have received financial assistance from other government agencies?
Companies that have received grant approvals from Enterprise Singapore or other agencies are not allowed to apply for the MRA grant.
Can a company apply to more than a few new markets simultaneously?
Yes, as long as the new market standards are achieved, and projects are within the grant sub-cap.
Can companies submit an application for both the Enterprise Development Grant (EDG) and MRA Grant support at the same time?
Qualified companies may apply for financial assistance under both EDG and MRA grant as long as it is not under the same scope of activities supported.
Can applicant companies apply for Double Tax Deduction for Internationalisation (DTDi) on the same expenditures backed by the MRA Grant?
Companies may apply for DTDi, the succeeding expenses are computed net of the MRA grant.
What is a retrospective application?
An application will be considered retrospective only if any of the following events happened before the application date: Signed an engagement letter with the third-party consultant, made the first payment to the third-party consultant, and began the project with the third-party consultant.
Project opening and completion dates must be in harmony with the project assistance period specified in the Business Grants Portal.
When companies partake in non-LEAD supported overseas trade fairs, that’s the time they can continue with the following in consideration of the need to ensure the booth stalls ahead and a longer preparation time is needed:
- Proof of Payment (including initial deposit) to the third-party vendor
- Sign the contract order with the third-party seller
Companies must submit the application prior to the opening date of the trade fair.
Can companies that have internal resources to act as a service to their clients apply for MRA Grant?
No, they can’t. Enterprise Singapore’s MRA grant endorses qualified third-party costs for events and services that Singapore SMEs do not have the in-house or internal capabilities to carry out.
What if Singapore is one of the company’s target markets, will the activity still be qualified for the MRA Grant?
Any activity within Singapore will not be allowed for support.
Under what circumstances will applications be rejected?
If the company does not meet the eligibility criteria. If a company is holding a shell business registration or has its major business ventures outside Singapore. Applications will also be rejected if you are a non-profit organisation and if you are a company looking for financial assistance to increase domestic sales.
Want to learn more about the Market Readiness Assistance FAQs? Click here.
Digital 38 is an MRA 360 Support Strategic Partner offering consultancy, third-party quotations, and delivery of MRA supportable activities. We support SMEs in the professional services, eCommerce, manufacturing, and retail sectors aiming to penetrate Malaysia, Thailand, and Vietnam. We have a dual support team consisting of Singapore-based consultants and a local market support team. Contact us today to enquire about our MRA services.
About D38 Ecommerce Agency
D38 is a South East Asia-focused ecommerce agency that provides end-to-end Ecommerce solutions to grow your business on the digital space and generate ongoing monthly revenue. Our e-commerce solutions range from website development, store management, logistics, CRM, customer loyalty programs, automated email marketing, SEO, marketing tools, product press-release (PR) to reputation management – helping international companies simplify e-commerce management across ASEAN Economic Community (AEC).
Our team consists of certified Shopify eCommerce experts, designers, developers, content creators and strategists working together to support and provide a seamless online shopping experience for our clients’ eCommerce websites.
We also have a market-specific digital channels team focusing on providing support for LINE Thailand and Japan, Naver for Korea, and ZhaoVN for global Chinese readers for social news and updates.
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