Everything You Need to Know About the MRA Grant Singapore in 2024

Small and medium enterprises (SMEs) in Singapore seeking international growth can benefit from the MRA Grant Singapore in 2024. This grant offers support for businesses aiming to expand into overseas markets. By leveraging this assistance, companies can navigate the challenges of international expansion more effectively and tap into new revenue streams.

What is the MRA Grant Singapore?

The Market Readiness Assistance (MRA) Grant is designed to support Singaporean SMEs in their international expansion efforts. It offers financial assistance for various activities, including market setup, identification of business partners, and overseas market promotion. Eligible expenses cover areas like market feasibility studies, development of business plans, and participation in overseas trade fairs.

Benefits of the MRA Grant

The grant provides up to 50% funding support for eligible expenses, capped at S$100,000 per company per new market. Eligible expenses include costs for overseas market promotion, business development, and market setup. This financial support reduces the risks associated with entering new markets and allows you to allocate resources more effectively.

Eligibility Criteria

To qualify for the MRA Grant, companies must meet certain criteria:

  • Be registered and operating in Singapore
  • Have at least 30% local shareholding
  • Have a group annual sales turnover of not more than S$100 million or a group employment size of no more than 200 workers.

Companies that have previously received the MRA Grant for the same market may not be eligible for additional funding for that market. Meeting these requirements allows you to apply for the grant to support your overseas expansion plans.

How to Apply for the MRA Grant

The application process involves several steps. First, assess your company’s readiness and ensure you meet the eligibility criteria. Next, prepare a detailed proposal outlining your international expansion plans, including projected costs and expected outcomes. Finally, submit your application through the Business Grants Portal.

Steps to Apply:

  • Assess your eligibility
  • Prepare a detailed expansion plan
  • Submit your application via the Business Grants Portal
  • Await approval and comply with any additional requests for information

It’s advisable to prepare all necessary documents in advance to streamline the application process.

Common Mistakes to Avoid

When applying for the MRA Grant, some common pitfalls can hinder your chances of approval. These include incomplete documentation, lack of a clear internationalization strategy, and unrealistic budget projections. Being thorough in your application can greatly improve your likelihood of success.

How Bluehive Can Help

At Bluehive, we specialize in helping businesses secure grants like the MRA Grant in Singapore. We not only assist with the application process but also offer comprehensive services to support your international expansion. From market research to marketing strategy development, we provide tailored solutions to meet your business needs. With our expertise, you can increase your chances of a successful application.

Maximizing the Marketing Grant Singapore

The Marketing Grant Singapore can be a game-changer for SMEs looking to promote their products or services overseas. By leveraging this grant, you can fund marketing activities such as participation in overseas trade fairs and marketing campaigns. Planning your marketing strategies carefully helps you make the most of the funding available.

The MRA Grant Singapore presents a valuable opportunity for SMEs to expand their horizons. By taking the time to prepare a thorough application and seeking expert guidance, you can unlock new markets and drive business growth.

Contact Us:

Bluehive Asia

Website: — https://www.bluehiveasia.com/ 
 
Email: — projects@bluehiveasia.com 
 
Call: — (+65) 6100 4148

Address:- 60 Paya Lebar Road #09–25, Paya Lebar Square Singapore 409051

Location: 60 Paya Lebar Rd, #09 25 Paya Lebar Square, Singapore 409051

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