Expanding into Southeast Asia with Singapore’s Market Readiness Assistance (MRA) Grant
Table of contents
If your company is registered in Singapore, there is a good chance you are able to cover up to S$100,000 of your new market expansion costs with the government’s Market Readiness Assistance grant (MRA).
Emerhub has been the service provider for hundreds of Singaporean companies in Indonesia, Vietnam, and the Philippines. Learn more about the types of activities the grant covers and how Emerhub can support you.
The MRA Readiness Grant is targeting Singaporean SMEs expanding overseas. To be eligible, your company must meet the following requirements:
- The business entity is incorporated in Singapore.
- The target overseas country is a new market for you, the sales in that market have not exceeded S$100,000 in each of the last three years.
- The company has at least 30% local shareholding.
- The company’s group annual sales turnover is not more than S$100 million or does not hire more than 200 employees.
Overseas market promotion (Capped at $20,000 per new market)
Overseas marketing and PR activities
The MRA grant supports third-party expenses for:
- In-store promotions, pop-up stores, and road shows to conduct marketing and PR activities.
- Site fee for overseas business/trade conferences.
Participation in Overseas Physical and Virtual Trade Fairs
- Event organizer’s cost for space rental, design, and construction of the booth for an overseas physical trade fair (capped at 36 square meters)
- Virtual trade fair’s fee for virtual exhibition hall, business meeting, speaking slots, webinar, and post-event analytics.
- Third-party costs for logistics and transportation of material overseas for virtual fairs
- Costs related to the publicity of trade and virtual fairs.
Overseas business development (Capped at $50,000 per new market)
This covers the third-party costs for activities to identify potential partners or B2B customers which include:
- Joint venture partners
- Distributors and agents
- Licensees or franchisees
Overseas Marketing Presence (OMP)
Eligible project-specific expenses:
- Salary of one permanent business development staff deployed in overseas market. Supportable expenses are 70% for Singaporean national/permanent residents and 50% for foreigners.
- Rental of a business development office in an overseas market.
In-market Business Development
This covers the subscription costs of outsourced business development services for a period of up to 12 months for the following activities:
- Training of the in-market business development officer.
- Business development activities to find new leads.
- Execution of market entry activities, review strategies, and future plans for setting up an entity in the market.
- Updates on the business development progress.
Overseas market setup (Capped at $30,000 per new market)
Legal, advisory, and documentation expenses relating to:
- Name and Intellectual Property (IP) search and application.
- Filing and registration for sales/representative offices or equity entity.
- Tax structure implementation
- Drafting of agreements for licensing, franchising, distributorship, and joint venture (only limited to the first set of agreements)
- Licenses for import and export.
- Trade Credit Insurance (TCI)
If you are interested in getting started with your business expansion using the MRA grant, get in touch with Emerhub today to get a consultation and begin the process. As your partner, Emerhub provides you with localized knowledge of Southeast Asia that can help you secure the MRA grant, and also manage your expansion in the region.
Let's grow your business in Insights
Get in touch with Emerhub by filling in the form below and our consultants will reach out to you within a few working hours.
More articles from Insights
What is an employer of record?
What is an employer of record and how to use it to build global remote teams.
6 practical challenges overseas remote workers face as independent contractors
Being a remote worker has more challenges than lacking face to face interactions or intercultural barriers.
6 Tips for Building a Secure Remote-First Company in 2021
Companies that invest in remote working strategies and infrastructure are primed to tackle the unique challenges associated with managing employees remotely while keeping your intellectual property secure.
The Value of Outsourcing Remote Teams to South East Asia
Outsourcing remote work to contractors in South East Asia is fast becoming one of the greatest tools for cutting operations costs. Find out how much it really costs.
Legal Challenges of Your Remote Workers in Southeast Asia
Remote workers in Southeast Asia face many challenges. Here’s what you can do to make sure your remote worker is happy and satisfied.
Why You Should Expand Your Tech Business to Southeast Asia
Southeast Asia is new hotspot for tech companies. Here’s why you should expand your IT business to Indonesia, Vietnam, or the Philippines.