Small and medium enterprises (SMEs) entering the overseas market can be taxing and risky. With Market Readiness Assistance (MRA), Singapore-based SMEs will be able to acquire assistance when venturing business overseas.
Grant Support & Limitations
Singapore-based SMEs will be able to receive up to 70% of eligible costs, capped at SGD100,000 per company starting 1 April 2020 until 31 March 2023. The support covers overseas market promotion (capped at SGD20,000), overseas business development (capped at SGD50,000), and overseas market set-up (capped at SGD30,000). The application is only limited to one activity per single overseas market.
Check this out if your business is eligible for MRA:
- Business is registered/based in Singapore
- For new market entry, target foreign market wherein the applicant did not yet surpass overseas sales of SGD100,000 in the last 3 previous years
- Have at least local shareholdings of 30%
- Group Annual Sales Turnover does not exceed SGD100 million or employees must not be more than 200
MRA supports 3 activites. The first one is the Overseas Marketing Promotion which handles the Overseas marketing and PR activities as well as the participation in overseas trade fairs NOT supported under LEAD International Fairs & Missions (LEAD).
There is also the Overseas Business Development which takes care of the Business matching and the Overseas Market Setup which for Market Entry and In-depth FTA Consultancy.
Market Readiness Assistance (MRA) Application Process
For the pre-application process, retrospective applications will not be accepted. The applications will be considered retrospective if the following happens:
- Signed with a third-party consultant
- Submitted the first payment thru a third-party consultant
- Started the project with the third-party consultant
Companies are required to submit their applications not earlier than six months from the project’s starting date. Applications can be completed through the Business Grants Portal.
Want to learn more about Market Readiness Assistance (MRA) Grant? 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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D38 is a member of Digital 38 Group.