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.
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)
Eligibility
- 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 shareholdin
- Group Annual Sales Turnover of not more than S$100 million; OR Company's Group Employment Size of not more than 200 employees
There are some advantages to expand your business into Malaysia now. Please visit our Malaysia website for more information. Kindly take note that we have developed a new website for Malaysia entity and we will update Malaysia news there.
