Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.
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)
* With effect from 1 April 2020, a new market refers to a target overseas country whereby the applicant company has not exceeded S$100,000 in overseas sales in each of the last three preceding years.
Who is eligible
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
Eligible employers who fulfill the following criteria can also qualify for additional subsidies under the SkillsFuture Enterprise Credits (SFEC) scheme:
Have contributed at least S$750 Skills Development Levy over the qualifying period
Have employed at least three Singapore Citizens (SCs) or Permanent Residents (PRs) every month over the same period
Have not been qualified for SFEC at any of the earlier periods
The MRA Grant support level of up to 70% will be extended until 31 Mar 2023.
As announced at Budget 2021, the maximum support level of up to 80% will be extended for 6 months, until 31 March 2022. MRA will also be enhanced to include Trade Credit Insurance (TCI) as a supportable area under the overseas market set-up pillar with effect from 1 April 2021.
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