For several years now, the Singapore government creates various types of schemes, incentives and grants with the purpose of attracting foreign investors or simply assisting companies registered here. With the number of small and medium-sized enterprises and startup businesses on the rise, International Enterprise Singapore (IE Singapore), the governmental agency in charge with promoting local companies with presences in other countries, has recently launched the Market Readiness Assistance (MRA) grant.
Our company formation specialists in Singapore explain below how to apply for the MRA and its benefits.
According to IE Singapore, the MRA is a program designed for SMEs expanding their operation outside Singapore for the first time. These companies can be refunded 70% of the costs related to activities like:
In order to qualify a company must be registered in Singapore and have an annual turnover below 100 million SGD per year. The turnover will be determined based on the most recent audited accounts.
Our Singapore company formation agents can also help foreign entrepreneurs who want to open companies in the city-state.
The Singapore Market Readiness Assistance scheme will accept a maximum number of 2 applicants per fiscal year. We remind you that the fiscal year starts on April 1st and ends on March 31st the next year in Singapore. Also, only one activity of those mentioned above can be submitted with IE Singapore.
If the project submitted under the MRA is worth more than 5,000 SGD, the Singapore company will be required to appoint an auditor who will verify the expenses of the project. Companies using the services of an auditor recommended by IE Singapore can benefit from an audit free grant.
Once the company is accepted, IE Singapore will reimburse the costs incurred with the project directly in its corporate account.
For full information on the MRA grant, do not hesitate to contact our Singapore company formation consultants. You can also rely on us if you want to open a company in Singapore.