Growing your company into other markets can present both interesting opportunities and difficulties. The Market Readiness Assistance (MRA) Grant is one of the main tools Singapore’s businesses have at hand; it seeks to assist local enterprises wishing to investigate and grow internationally. Making good use of this funding will help to greatly lower the expenses and dangers connected with global growth. Here’s how you might expand your company using the MRA grant.
Knowing the Market Readiness Assistance (MRA) Grant
Offered by Enterprise Singapore, the MRA Grant gives small and medium-sized businesses (SMEs) wishing to enter new foreign markets financial support. Capitated at S$100,000 per company per new market, the grant covers up to 70% of qualified expenses. This makes this a great tool for companies trying to increase their worldwide presence since it covers support for market entrance, corporate development, and promotional activities.
Important Areas Supported by the MRA Grant Overseas Market Design
The MRA Grant helps with expenses linked to establishing a presence in a new market. This covers tax advisory services, legal guidance on overseas corporate formation, and consultant costs. Using this money will enable your company to negotiate the difficulties of opening an overseas office or agent.
Promotion and Marketing Activities
To flourish in a new market, firms need to spend in brand development and marketing initiatives. The award pays for internet marketing initiatives, abroad advertising, and trade fair participation as well as other costs. Increasing brand awareness and drawing clients in a new area depend on these events.
Feasibility Studies in the Market
Doing a market feasibility study lets companies evaluate a new market’s potential before making investments. Research on consumer behaviour, market conditions, and competitive analysis can all be funded by the MRA Grant. This data-driven method helps you to decide with knowledge and modify your expansion plan.
Steps to Request the MRA Grant Verify Your Eligibility
Make sure your company satisfies the qualifying requirements: it must be registered in Singapore, have at least 30% local shareholding, and turn over less than S$100 million annually.
- Prepare a detailed proposal: Describe your intended precise activities using the grant money as well as your expansion ambitions. Clearly state goals, deadlines, and a financial breakdown.
- Turn in Your Invitation: Applications can be turned in online via the Business Grants Portal. Including the necessary papers will help to prevent approval process delays.
- Optimizing the MRA Grant’s Returns: Businesses should match their growth operations with strategic objectives in order to fully benefit from the MRA Grant. Review regularly your development in line with your goals and modify your strategy as necessary. Keep thorough records of all expenses as well to guarantee grant eligibility.
For Singaporean companies wishing to go global, the MRA grant is a priceless tool. Knowing the extent of the grant and carefully organizing your application will help you to maximize this money to save expenses, lower risk, and hasten the expansion of your company into new markets.
