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Market Readiness Assistance (MRA) Grant Consulting for SMEs
Market Readiness Assistance (MRA) is a government grant that aims to support Singapore’s SMEs to expand their business profile into the international market. However, it’s not an easy task for a SME to go without proper MRA Grant Consultation.
MRA is developed by International Enterprise (IE) Singapore to help companies to tap into overseas markets with three types of assistances:
- Financial Assistance
In other words, it’s a tax tweak that helps Singaporean companies to expand abroad.
Eligibility of MRA
- Any small and medium level enterprise headquartered in Singapore with an annual turnover of less than SGD 100 million.
- Support is given to a maximum of two applications in a fiscal year that starts from April of one year to March month of the next year
- 70 % of the costs (capped at SGD 20,000) incurred in all the eligible activities will be provided to business owners in a fiscal year. Please note that the fund is given to a single company.
What’s covered and not covered under MRA
- Besides the eligible activities such as overseas exhibition booth costs and expenses for e-commerce portal for listings, 70% of the costs that incurred for online marketing are covered under this grant.
- Please note that MRA Grant is only applicable for global business promotion and local promotion of the business is not eligible for this grant.
Steps to claim the MRA Grant
- Download and fill up the grant form from the IE website.
- Request a quotation from an online marketing firm by sending the supported documents.
- Submit application with the complete documents and the form along with the quotation to the official mailing address of IE.
- Wait for the Offer Letter from IE which may take two or more weeks.
- Acknowledge the receipt of the Offer Letter with your signature.
- Thereafter, complete the project within 6 month and send your claims to IE for disbursement
If you look forward to growing your business beyond Singapore shores, the MRA grant is an excellent opportunity to leverage the benefits of online marketing. However, it could be daunting to start without proper guidance and consultation. 3E Accounting, a one-stop solution provider with experiences in international network expansion (where we have expanded over 30 countries in one-year time), is always ready to provide professional MRA grant consultation. We can help your business with international expansion, contact us now to work out the best solution for your business!