Are you looking to start, expand, or otherwise upgrade your business in Singapore, but you don’t know how to raise the funding to make it happen? Good news – your company may be able to get up to 70 percent of your eligible third-party costs covered plus a nice cash award as part of the government’s Market Readiness Assistance program. This program has been driving growth in Singapore’s private sector since its inception. Companies are allowed to apply for up to two grants a year, and if you meet the eligibility criteria, it’s almost as simple as logging into the government’s website and asking for the money.
Terms and conditions apply to MRA grants, of course. For starters, your company must be headquartered in Singapore. Second, your company must not make more than $100 million annually; this condition excludes only the very upper crust of Singapore’s business community.
It also helps if you have a definite purpose for using these grants. Raising funds to fuel overseas expansion is a perennial favorite with the MRA granting body, as is a domestic expansion that’s expected to create job opportunities at home. Beyond that, your company has only to follow a fairly uncomplicated application and approval process to get access to the funding you need for what could be a dramatic upgrade in your market profile.
Starting and growing a small business can be challenging when every step has to be self-funded. Look into getting an MRA grant to speed up the process and grow faster than you ever thought you could.
Another option could be the Productivity Solutions Grant (PSG) through Enterprise Singapore. Check your eligibility and follow these steps to apply for the Grant.
One of our QuickBooks Online Singapore Partners, Singapore Manufacturing Federation, can help you through the process. Watch their short video to learn more about the grant process: