Simply referred to as an MRA grant, this grant is offered to local companies by International Enterprise Singapore. The objective is to boost the business of these local companies globally. MRA grants have a ton of benefits for local organisations.
These companies want to grow their business to a vast scale but don’t have enough resources to back it up. With the help of the Market Readiness Assistance Grant, the business can have significant growth globally.
MRA grants are a great source of funds for smaller companies in Singapore. But it doesn’t mean that these grants are available for literally any company. To be eligible for MRA grants, you need to make sure of the following things:-
- The business entity needs to be registered in a company. If it is a foreign company operating in Singapore, it’s not possible to get these grants.
- The company should not have accumulated S$100,000 overseas sales in each of the last three preceding years.
- The local shareholders need to be a part of the company. MRA grants are meant to promote local businesses to a more extensive section of the audience. Therefore, at least 30% of shareholders need to be local.
- The sales turnover should not be more than S$100,000. If it is accumulating more sales within a year, it means that the organisation has breached past the criteria of being a small business. It will therefore end the possibility of the company getting MRA grants.
- The number of employees shouldn’t be more than 200. If the number is in excess, it means that the company is reputed enough, thus upsetting the primary goal of these grants.
The qualifying activities define how these grants are meant for Small and Medium Enterprises.
How To Apply For MRA Grants?
You need to follow these steps carefully to apply for Market Readiness Assistance Grant:-
- You have to seek the help of a third-party professional. A third-party professional will advise you on your application to ensure the maximum chance of success.
- You will have to go through the Business Grants Portal to apply for the Market Readiness Assistance Grant.
- The next step would require you to be patient. It can take some time before you receive the letter of offer from IE Singapore.
- Once you receive the letter of offer, you have to complete the project within six months. Now you can send your claim for disbursement.
There’s no doubt that new companies struggle a lot to find suitable funds for them. The ideas are there, but the resources aren’t available to implement those ideas. With the help of an MRA grant, you may set things straight for your newly created business. Once the resources start pouring in, you can make the most out of the opportunities in front of you!