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If you’re running a small or medium-sized enterprise (SME) in Singapore, you might be curious about how the MRA grant process works. This funding initiative, offered by Enterprise Singapore, is designed to support businesses like yours in becoming more competitive in the market. The MRA grant can help cover costs for market readiness, making it easier for you to launch new products and expand your reach.
Understanding your eligibility is crucial. The grant typically targets SMEs that are developing innovative solutions or exploring new markets. By knowing if you qualify, you can take the next steps towards tapping into this valuable resource. Accessing the MRA grant can provide you with the financial boost you need for business development, allowing you to focus on growth while minimising financial strain.
Navigating the MRA grant process may seem daunting, but it’s straightforward once you know the requirements. With the right information, you can maximise the benefits available to boost your business.
Determining Eligibility for the MRA Grant
To qualify for the MRA Grant in Singapore, your business must fulfil specific criteria set by Enterprise Singapore. Key factors include:
- Business Entity: You need to be a registered business in Singapore.
- Annual Sales Turnover: Generally, your sales should not exceed SGD 100 million.
- Employment Size: Your company’s headcount should be less than 200 employees.
- Local Equity: There should be a minimum of 30% local shareholding in your company.
You might also need to provide information about your group’s annual sales turnover and employment size if applicable. It’s important to gather all required documents, such as your CORPPASS account details, before applying. In some cases, businesses can submit a retrospective application for past projects.
The Application Steps
The application process for the MRA Grant can be completed via the Business Grants Portal. Here’s how you can proceed:
- Prepare Required Documents: Collect your business’s financial statements, audit reports, and other relevant documents.
- Access the Portal: Log in using your CORPPASS account to start the application.
- Submit Information: Fill out the application form, providing details about your project and its expected benefits.
- Review & Submit: Check your application for any errors, then submit it for review.
After submitting, you may receive a Letter of Offer if approved. If your project’s plans change, you can file a change request. Make sure to note the project support period during your planning.
Maximising the Benefits of the MRA Grant
You can make the most of the MRA grant by covering key expenses and exploring various opportunities for international growth. Taking advantage of these aspects can significantly boost your business’s chances for success in overseas markets.
The MRA grant can help with many expenses related to expanding your business overseas. You can use the funds for market entry activities, including participation in trade fairs and local marketing campaigns.
Eligible costs include:
- Booth space at trade shows
- Marketing expenses for advertisements
- Documentation expenses for necessary licenses
You can also get support for hiring advisory services to navigate legal requirements, such as customs compliance and import/export regulations. This financial assistance ensures you are ready for a successful launch in your target overseas market.
Broader Opportunities for Expansion
Using the MRA grant wisely, you can explore new business opportunities. This includes finding partners like distributors, agents, or joint venture partners who can help establish your brand in foreign markets.
Engaging in business matching services increases your chances of connecting with potential customers and equity entities. You may also consider participating in overseas physical and virtual trade fairs to showcase your products.
Furthermore, investing in intellectual property protection can safeguard your innovations while accessing international markets. With the right strategy, the MRA grant can be a stepping stone towards achieving significant international success.
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