What is the Market Readiness Assistance for SMEs?

Designed to help SMEs internationalise and kick-start their overseas ventures on the right note, ES’s MRA grant will support pre-scoped professional services for market assessment, market entry and business restructuring through internationalisation.

Eligible SMEs will receive the following support:

• Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:
  • Overseas market promotion (capped at S$20,000)
  • Overseas business development (capped at S$50,000)
  • Overseas market set-up (capped at S$30,000)
• Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair) 

Note: The MRA Grant support level of up to 70% will be extended until 31 Mar 2023. The maximum support level will be raised from 70% to 80% from 1 November 2020 to 30 September 2021.

Companies should meet the following criteria:

• Business entity is registered/incorporated in Singapore
• New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years
• At least 30% local shareholding
• Group Annual Sales Turnover of not more than S$100 million; OR Company's Group Employment Size of not more than 200 employees.

Under the scope of a MRA Consultancy project with Forvis Mazars, a company can expect the following tangible benefits:

• Stronger market proposition
• Sustainable competitive advantages
• Enhanced deals facilitation
• Fast and efficient set-up

If your company is looking to expand your overseas footprint, an engagement in the MRA project can help you to develop a viable entry roadmap and bolster your competitive edge.

Do you have any questions for us about the MRA Grant?