In today’s fast-paced and competitive economy, expanding your business internationally can be one of the most effective ways to grow your revenue and build brand recognition. For Singapore-based SMEs that are ready to go global but are concerned about the costs involved, the Market Readiness Assistance (MRA) Grant offers a valuable solution.
This grant, administered by Enterprise Singapore, is specifically designed to support local SMEs in their internationalization efforts by co-funding expenses related to overseas market set-up, market promotion, and business development.
If you’re considering applying for the MRA Grant, this comprehensive guide will walk you through what the grant is all about, who can apply, what it covers, and how to submit a successful application.
What is the MRA Grant?
The Market Readiness Assistance (MRA) Grant supports Singapore companies that are taking their first steps into international markets. It co-funds up to 50% of eligible costs, capped at S$100,000 per new market per company over a three-year period.
The grant covers three key activities:
- Overseas Market Promotion – Participation in trade fairs, advertising, digital marketing, PR campaigns, etc.
- Overseas Business Development – Business matching, market entry advisory, lead generation, etc.
- Overseas Market Set-Up – Licensing, legal advisory, IP registration, and other in-market set-up costs.
Importantly, each application must focus on one target market only. If you’re entering multiple markets, you’ll need to submit separate applications.
Who is Eligible to Apply?
Before diving into the application, make sure your business meets the following eligibility criteria:
- Registered/incorporated in Singapore
- At least 30% local shareholding
- Group annual sales turnover of not more than S$100 million OR group employment size of not more than 200 employees
- Business is ready and committed to expanding into overseas markets
Your project must not have started at the time of application. This means that contracts should not be signed, nor should services be rendered before the grant is approved.
Step-by-Step Guide to Applying for the MRA Grant
Step 1: Identify the Target Market and Scope
Start by selecting the country or territory where you intend to expand. The MRA Grant is strictly market-specific, so you’ll need to determine the best market to pursue based on factors like demand, competition, and product-market fit.
Next, decide on the scope of your project:
- Are you planning a digital marketing campaign in Australia?
- Are you engaging a consultant to set up operations in the UK?
- Are you attending a trade fair in Vietnam?
Being clear about what you want to do and where is the first step toward a smooth application process.
Step 2: Choose Your Service Provider
If your project involves third-party support (such as market consultants, lead generators, or advertising agencies), you must ensure that they:
- Are based in Singapore (for most scopes)
- Have no relationship with your company (i.e., not a related party)
- Provide a detailed proposal outlining deliverables, cost breakdown, and timelines
Keep this proposal ready as it will be submitted as part of your grant application.
Step 3: Prepare the Required Documents
The application process requires you to upload several documents, so it’s important to prepare these in advance. The typical documents include:
- ACRA Bizfile (latest copy)
- Audited financial statements or management accounts
- Detailed quotation/proposal from the service provider
- Project proposal outlining objectives, target outcomes, and timelines
- Past project invoices (if applicable)
Make sure all documents are clear and up to date.
Step 4: Log in to the Business Grants Portal (BGP)
Once you have everything ready, head to the Business Grants Portal (www.businessgrants.gov.sg) and log in using your company’s Corppass account.
If you haven’t set up Corppass yet, you’ll need to register for it first at corppass.gov.sg and assign the necessary access to the user who will be applying.
On the BGP:
- Select your company profile
- Click on “Apply for a New Grant”
- Choose “Market Readiness Assistance (MRA)”
- Fill in your project details, upload the supporting documents, and submit
Double-check all information before submitting to avoid delays.
What Happens After Submission?
Once your application is submitted, it will go through a review process by Enterprise Singapore. Processing usually takes 6 to 8 weeks. During this time, you may be contacted for clarification or additional documents.
If your application is approved, you will receive a Letter of Offer (LOF) detailing the grant amount and conditions. Make sure to accept the offer via the portal before starting your project.
Important note: Do not start your project or make any payments before the grant is approved and accepted.
After Approval: Executing Your Project
Once you’ve accepted the LOF, you can proceed with executing the approved project. Stick to the original scope, timeline, and vendors stated in your application. Any deviations may affect your claim later on.
It’s crucial to:
- Retain original invoices and receipts
- Document deliverables (e.g., screenshots of digital ads, photos from events)
- Track and monitor project milestones
Submitting Your Grant Claim
After completing your project, you’ll need to submit a claim to receive the disbursement. This is also done through the Business Grants Portal.
Documents typically required for the claim include:
- Final deliverables (reports, ads, etc.)
- Proof of payment (bank statements, cheques, etc.)
- Invoices from vendors
- Any supporting materials that show project outcomes
Enterprise Singapore will review your claim and disburse the funds upon successful verification. Make sure everything is accurate and supported with proper documentation.
Tips for a Successful MRA Application
- Be Market-Specific: Focus on one target market per application to comply with MRA guidelines.
- Engage Reputable Vendors: Work with credible and unrelated vendors who provide detailed quotations and deliverables.
- Plan Early: Since the grant does not allow retrospective claims, get your application in early.
- Provide Measurable Outcomes: Whether it’s leads generated or brand impressions, be ready to share tangible results.
- Stay Organized: Maintain a clear folder of all supporting documents, invoices, and communications.
Common Pitfalls to Avoid
- Starting the project before grant approval
- Submitting incomplete applications
- Using vendors with conflict of interest
- Overlapping costs with other grants
- Failing to follow up on feedback or requests from Enterprise Singapore
Final Thoughts
Expanding into overseas markets is a bold yet rewarding move for Singapore SMEs. The MRA Grant offers a golden opportunity to make that move more affordable and less risky.
By following the correct procedures and presenting a well-prepared proposal, your business stands a great chance of receiving the support it needs to go global. Whether you’re entering a new market for the first time or looking to solidify your international presence, the MRA Grant can be a powerful enabler of your business success.
If you find the application process daunting or time-consuming, you may also consider engaging a grant consultant to assist you. Many SMEs find this worthwhile, especially when applying for the first time.
The world is full of opportunities — take that first step with the help of the MRA Grant, and let your business grow beyond borders.