Expanding a business whether it is a start-up or a well-established one, outside its parent location is a tough task. For a business in Singapore that wants to grow, overseas expansion may even be necessity due to the small size, population of this country. The Government provides funding to businesses big and small to set up their overseas presence through International Enterprise (IE).
The Market Readiness Grant (MRA) given by IE helps Singapore businesses grow and expand their presence worldwide by giving them the required financial help, information and the opportunity to learn more. Here are some details on how you can leverage this Grant to defray your Online Marketing costs –
Qualifying criteria and funding support
- Any small and medium level enterprise that has its headquarters in Singapore is eligible for this grant
- The company should have an annual turnover of less than 100 million Singapore Dollars
- The support is given to a maximum of two applicants in 1 fiscal year that starts from April of one year to March month of the next year
- 70% of the total cost for all the eligible activities is provided to the business owner to a maximum level of SGD 20,000 in a fiscal year for a single company
What’s covered and not covered under this Grant
Under this grant, companies can also get the expenses for their internet marketing activities. Through this grant, a company can claim 70 % of their cost spent for the purpose of internet marketing. These activities include search engine optimization and marketing, social media and online advertising campaigns etc. This grant is only applicable for worldwide or global promotion of the business of a firm and not for local promotion.
For example an online shop who wants to get it clients from across the world by promoting and exporting its products to the nearby countries is eligible to get this grant.
Similarly, an IT firm that wishes to publicize its cloud computing software throughout the world can get this grant.
However, a business that serves a local clientele or say a hotel that wants to do marketing to attract more tourists to Singapore cannot claim the MRA grant.
How to claim the MRA Grant
Here’s the rundown of steps that need to be followed –
- Fill the downloaded form of the grant form from the official webpage of IE.
- Request the Online marketing firm for the quotation by sending the supported documents.
- Mail the completed documents and the form along with the quotation to the official mailing address of IE.
- Wait for the offer letter from IE.
- After the letter comes, you need to confirm it with your signature.
- Then you need to complete the project in the given timelines and send the claim letter to IE within 3 months of the completion of project.
For a summarized one page guide on the steps and criteria involved, use the Infographic on MRA Grant for easy reference.
Thus, companies struggling with overseas business development costs now have an avenue to seek funding and lessen the financial burden that comes along with expansion plans. With aide and support from government agencies like IE helps is just round the corner!