Singapore’s MRA Grant: Are you an SME that is ready to take your business to the next level by expanding your operations overseas?
When you sell goods or services in an untapped foreign market, you can build a new consumer base without facing immediate competition. You will benefit from fewer business restrictions and potentially lower operating costs if you expand to a country with a more favorable business environment. When your company expands internationally, you can also gain recognition that will increase your brand’s authority both locally and globally.
In fact, even if you are struggling at the moment because of a saturated market or shrinking market share, you can revive your business by looking for new outlets for your products and services in another country.
The prospect of entering the international market as a small company is exciting, but it can also be daunting. Business expansion is a significant decision that takes time, needs meticulous planning, and involves several changes that may alter the company’s current processes.
The Singapore government has recognized the enormous benefits of SMEs tapping into the international market and the challenges that come along with it. And so, to help those who are ready to take on the challenge, it created the grant program called Market Readiness Assistance (MRA).
Market Readiness Assistance (MRA Grant)
Market Readiness Assistance (MRA) is a government grant that supports Singapore’s SMEs to expand operations into a new international market. An eligible SME can receive support of up to 80% of eligible cost, capped at a maximum of S$100,000 per new market. The scheme has recently been updated in early 2021 to include additional components of support.
More details on the supportable activities described above can be found here.
The Singapore government has developed MRA as a vessel for its local SMEs to grab opportunities available abroad. Conquering the international market will give the enterprise greater room for expansion and development. But of course, this growth comes with risks, and grants like MRA are there to defray some costs and soften the blow that the company may experience during this time.
If you are part of an SME that has ticked all the eligibility criteria and is ready to expand operations overseas, head over to the official MRA grant page by Enterprise Singapore to find out more about the application process.
This infographic is jointly brought to you by:
InCorp Global and Real Inbound Consulting
Real Inbound Consulting supports SMEs in Singapore in the planning and implementation of grant-supportable projects. Such projects include technology implementation, overseas expansion, and new product R&D. The team comprises certified management consultants with a track record across a wide range of industries and project types. Contact here.