What Is IE Singapore’s MRA Grant Program?
Undeniably, trade is the pillar of Singapore’s economy. Taking this into account, the International Enterprise (IE) Singapore was created to serve as the city-state’s primary agency focused on encouraging Singapore’s outward economy.
Under IE Singapore, the Market Readiness Assistance (MRA) Grant program was formally launched on April 1, 2013. MRA grant is IE Singapore’s extensive program intended for SMEs keen to venture to the global market. The MRA Grant program is composed of tools and enterprises in three (3) categories; Information, Learning and Financial Assistance.
Under the component of Financial Assistance, support is provided through monetary support, tax discounts or reimbursements, exhibition and tradeshow expenses, and other samely situated expenditures for companies that are looking at entering new markets internationally.
What Are The Claimable Services And Financial Support Under The MRA Grant Program?
The MRA grant supports companies and enterprises that are based in Singapore by financing part of the necessary costs in entering foreign markets. Through MRA grant, companies could apply for up to two (2) applications per year. To be qualified for financial support, your company’s global head office must be located and based in Singapore, with yearly turnover of less than S$100 million.
IE Singapore co-finances up to 70 percent (70%) of the qualified expenses for activities outlined by IE Singapore under the MRA Grant Program, covering $20,000 per enterprise per annum, with the maximum period of project support not greater than six months.
Since April 1, 2015, the list of claimable services under the MRA grant has also been expanded. Companies can now leverage the MRA Grant to fund their internet marketing activities targeted for foreign market. Online Marketing expenses and Activities claimable under the IE Singapore’s MRA Grant are:
- Search Engine Optimization
- Search Engine Marketing such as PPC Campaigns
- Listing/Subscription fees on global
- E-commerce platforms having international reach
- Social Media Marketing Campaigns Online Advertising Campaigns>
The inclusion of new supportable activities for off-shore and foreign promotion and as well as giving companies and enterprises the liberty to appoint a 3rd party professional that best suit their respective company’s expansion needs will empower SMEs to pursue their goal for their overseas expansion plans.
The possibility of expanding overseas gives SMEs new opportunities and targets to take their company to higher levels of success. With correct advice, influence and financial assistance, the potential for Singapore’s SMEs to succeed in the global arena becomes very real.