Empowering Small Businesses to Conquer New Frontiers
In today’s globally interconnected landscape, small and medium-sized enterprises (SMEs) are vital drivers of economic growth and innovation. Recognizing their importance in Singapore’s business ecosystem, the Market Readiness Assistance (MRA) grant has become a crucial tool for empowering SMEs to expand into international markets. The maximum support package, which originally covered up to 70% of market expansion expenses (or a total of S$100,000), had its deadline extended until March 31, 2023, according to the 2021 Singapore Budget.
In this article, we delve into the MRA grant’s essence, exploring its core features, eligibility criteria, and application process. We’ll also provide valuable insights through real case studies of companies that expanded into Vietnam with MRA support, showcasing the practical benefits and opportunities it offers for SMEs seeking international growth.
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The MRA Grant Unveiled
At its core, the MRA grant is designed to propel SMEs towards international success by providing essential financial support. By July 2023, this support encompasses up to 50% of eligible costs, capped at a maximum of S$100,000 per new target market. The grant is strategically allocated across three key categories:
- Overseas Marketing and PR (up to SGD 20,000): Strengthen brand presence through marketing campaigns, trade fairs, and strategic PR efforts.
- Overseas Business Development (up to SGD 50,000): Backing for business matching, setting up marketing presence, and market entry strategies.
- Overseas Market Setup (up to SGD 30,000): Assistance for legal, tax, licensing, and establishing a subsidiary entity.
Read Related: Singapore’s MRA Grant – Market Expansion into Vietnam
To qualify for the MRA grant, your business must meet these criteria:
- Registered and operating in Singapore
- At least 30% local equity held by Singaporean(s) and/or PR(s)
- Expanding to a new overseas market
- Annual sales in the target market below S$100,000 for the past three years
- Group Annual Sales Turnover not over S$100 million OR Group employment size under 200.
Real Success Stories: MRA Grant in Action
Case Study 1: Milieu’s Seamless Venture into Vietnam
Background
Milieu, an innovative opinion-based insights platform, aimed to extend its influence to the Vietnamese market. However, the complexities of venturing into a new territory brought forth challenges. To ensure a smooth expansion, they turned to the MRA grant and strategic partners.
Solution
Understanding the potential of the MRA grant, Milieu collaborated with InCorp Vietnam to navigate the unfamiliar terrain. InCorp Vietnam aided Milieu’s subsidiary registration in Vietnam and offered crucial BPO services like HR payroll and accounting.
Result
Through the combined efforts of Milieu and InCorp Vietnam, the company achieved an affordable, low-risk expansion into Vietnam. The MRA grant eased the financial burden and played a vital role in Milieu’s successful entry into the Vietnamese market.
Case Study 2: Cargosavvy’s Logistics Leap to Vietnam
Background
Cargosavvy, a logistics solutions provider with over 40 years of experience, embarked on an ambitious journey to expand its operations into Vietnam. However, the unfamiliar legal and business landscape posed significant challenges.
Solution
Aware of the complexities ahead, Cargosavvy sought the expertise of InCorp Vietnam, a professional consulting firm. Recognizing the potential of the MRA grant, InCorp provided Cargosavvy with comprehensive consultation services, meticulously devising a market entry strategy. Additionally, the company facilitated the incorporation of a 100% foreign-owned entity, leveraging the support of the MRA grant.
Result
Cargosavvy Vietnam, a subsidiary was strategically established with the essential logistics licenses. InCorp’s market expertise and the support of the MRA grant collectively contributed to the smooth and successful establishment of Cargosavvy’s presence in Vietnam. InCorp continued to support the operations with accounting, tax reporting, and HR payroll services, culminating in Cargosavvy becoming InCorp’s logistics partner in Vietnam.
Concluding Thoughts: Seize Global Opportunities
The Market Readiness Assistance (MRA) grant stands as a beacon of support for Singaporean SMEs aiming to expand to Vietnam and overseas. Through its financial incentives and structured approach, the grant empowers SMEs to navigate the complexities of new international markets with confidence. The real success stories presented here highlight the tangible impact of the MRA grant, showcasing how it transforms challenges into opportunities and visions into reality. As Singaporean SMEs continue to explore new horizons, the MRA grant remains a steadfast companion, guiding their path to international success.
Read More: 9 Reasons Why Singaporean Businesses Should Invest in Vietnam Now
Expanding to Vietnam? Our Vietnam Business Setup Guide is loved by investors and entrepreneurs from around the world, and it’s available as an interactive checklist!
Why Choose InCorp Vietnam: Your Expansion Partner
With a proven record of aiding over 50 satisfied clients from Singapore in securing the MRA grant, InCorp Vietnam stands as a trusted ally. Supported by Singapore HQ, InCorp Vietnam offers on-the-ground assistance, delivering an all-in-one solution for legal, accounting, tax, and HR payroll needs. With a global presence spanning 8 APAC countries and a team of over 1,100 legal experts, InCorp takes pride in serving over 15,000 clients across diverse industries. With a promised timeline and a dedicated commitment to smooth collaboration, InCorp Vietnam highly values your time.
Begin your international journey now. To harness the transformative potential of the MRA grant and leverage InCorp Vietnam’s expertise, get in touch with me today. Your pathway to expansion success awaits.
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