INTERNATIONAL ENTERPRISE SINGAPORE
TAKE
YOUR
FIRST STEP
OVERSEAS
Market Readiness Assistance
MRA
WHY
GO GLOBAL?
01
Singapore’s domestic economy is limited.
It’s crucial for companies to look abroad to
expand their consumer base.
02
Overseas markets also open the door
to more resources and cost-competitive
options for overheads. Moreover, with the
global economy being so unpredictable,
putting your eggs in more than one market
diversifies your risk.
01
IE accelerated our revenue targets
and business goals over the last
year. Without its assistance, we
would not have reached several
of the important milestones in our
aggressive five-year plan within a
two-year period, a much shorter
period of time,”
Sashim Parmanan // CEO
One Animation for #SgGoesGlobal
02 // Market Readiness Assistance (MRA)
MARKET
READINESS
ASSISTANCE
(MRA)
Bringing your business overseas for the first time can be
daunting. Behind every successful expansion is careful
planning, taking calculated risks, and in-depth research.
Our MRA programme gives you the knowledge and
support that you need to take your first steps overseas.
01
LEARNING AND
NETWORKING
02
FINANCIAL
ASSISTANCE
03
MARKET READINESS ASSISTANCE (MRA)
01//
LEARNING AND
NETWORKING
We do the leg work for you, so that we can give you all the
information you need to go into a specific market.
iADVISORY
SEMINARS
If you are a Singapore company looking
to learn about trends in a market and
get guidance on doing business there,
our iAdvisory events will help connect
you with experts in their respective
fields and like-minded entrepreneurs.
// iAdvisory Seminars
Country-specific briefings that provide
first-hand accounts and practical
market advice to Singapore companies
entering new markets.
04 // Market Readiness Assistance (MRA)
// iAdvisory Workshops
Held both locally and overseas,
these provide in-depth training topics
including market entry strategies,
free trade agreements, branding,
tax, legal, and HR issues. The
workshops also include site visits,
business matching and networking
opportunities with business owners
in the market.
// iAdvisory Exchange
Networking events that bring
together like-minded companies
to facilitate discussion on their
experiences and challenges of
taking their businesses overseas.
KNOWLEDGE
RESOURCES
IE INSIGHTS
RESEARCH DATABASES
Written by IE officers immersed in
markets all around the world, each
instalment of IE Insights brings indepth market intelligence and onthe-ground understanding of market
opportunities for Singapore companies.
Get access to the latest market and
industry trends and developments
through third-party research databases.
These can be accessed at our office at
Bugis Junction Office Tower Level 10.
FTA INSIGHTS
FTAs work to connect Singapore to
major economies and new markets.
With 20 regional and bilaterial FTAs
with 31 trading partners, Singapore
companies stand to enjoy benefits
such as tariff concessions, preferential
access to certain sectors, faster entry
into markets and Intellectual Property
(IP) protection.
We work to provide you with the latest
FTA insights, so you may reap the full
benefits of Singapore’s FTAs.
Market information
// Business
Monitor International
(BMI)
// Economist
Intelligence Unit
(EIU)
Industry information
// Euromonitor
International
// Kompass Online
// One Source
SINGAPORE TRADE
STATISTICS
Released on the 17th of every month,
this report provides latest analysis of
Singapore’s bilateral trade and gives
month-on-month and year-on-year
comparisons. The report also provides
trend analyses and information on
alternative markets for your products.
05
MARKET READINESS ASSISTANCE (MRA)
02//
FINANCIAL
ASSISTANCE
Entering a new overseas market can be daunting.
IE co-funds relevant costs when companies make
their first bold move to step out. Here’s how
you can benefit from our financial assistance:
FOR MARKET ACCESS
MARKET READINESS
ASSISTANCE GRANT
Defray costs
Get up to 70% of eligible third-party
costs supported under the Market
Readiness Assistance (MRA) grant.
These costs cover activities such as
overseas market set-ups, identification
of business partners, and overseas
market promotion.
MARKET ACCESS
INCUBATION
PROGRAMME
Get your start-up supported
Our Market Access Incubation
Programme (MAIP) provides funding
of up to 70% on eligible costs incurred
for approved non-profit driven overseas
mission and fairs organised by
approved/ endorsed incubators.
06 // Market Readiness Assistance (MRA)
INTERNATIONAL
MARKETING
ACTIVITIES PROGRAMME
Reach overseas buyers through
tradeshows and missions
Get up to 70% of eligible expenses for
tradeshows and missions funded by
IE Singapore. Under IE’s International
Marketing Activities Programme
(iMAP), we provide funding for
selected business missions and
Singapore showcases at international
trade fairs, organised by Trade
Associations and Business Chambers.
Tradeshows and missions a great way
for you to reach overseas buyers,
get feedback on your products and
services, make valuable contacts, learn
more about a market, and learn more
about your competition.
IE Singapore has also helped
Trek to meet potential clients
by business-matching at missions
and tradeshows overseas.
I cannot quantify the help we’ve
been given in dollars and cents.
But the support they deliver and
the mileage we’ve received has
been very valuable to us.”
Gurcharan Singh // Executive Director
and Chief Financial Officer
Trek 2000 for #SgGoesGlobal
07
07
NEXT
STEPS
// Call/ email us at
1800-IESPORE (1800-4377673)/
[email protected]
VISIT US
// Come to our Singapore office at
Bugis Junction Office Tower Level 10
to access our wide selection of
online databases.
FIND OUT MORE
// Visit www.iesingapore.gov.sg/MRA
to access our range of market guides,
insight papers, and tips for market
expansion.
EXPLORE
SPECIFIC MARKETS
// Go to www.iesingapore.gov.sg/
iAdvisory for a list of upcoming iAdvisory
seminars.
GET INSPIRED
// Be inspired by other Singapore companies
who have successfully taken their
businesses overseas in our weekly
#SgGoesGlobal series. Find the stories at
www.iesingapore.gov.sg/SgGoesGlobal.
08 // Market Readiness Assistance (MRA)
This brochure is printed using soy ink on recycled paper.
Information accurate at time of printing // V1/Nov 2015
SPEAK TO US
INTERNATIONAL ENTERPRISE SINGAPORE
MARKET
READINESS
ASSISTANCE
(MRA) GRANT
Designed to accelerate the international expansion of Singapore SMEs, this grant supports
pre-determined activities focused on helping you in overseas set-ups, identification of business
partners and overseas market promotion.
FUNDING SUPPORT
• 70% of the eligible cost for activities listed below, capped at S$20,000 per company per
fiscal year
• Maximum of two applications per fiscal year, starting on 1 April and ending on 31 March
the following year
• Limited to one activity (eg market assessment, market entry, or participation in a trade fair)
per application
// OVERSEAS MARKET SET-UP
Supportable Activities
Deliverables
Market
Assessment
Third-party costs incurred for:
• Market research or market feasibility
studies
• Advisory on legal, tax, labour, import
and export regulations in the target
market, and recommending on the
best mode of entry for the company
A detailed report comprising:
• Company’s nature of business, value proposition of
its products and services
• Company’s readiness for the market
• Feasibility assessment of the market for the
company
• Recommendations on the best mode of entry for
the company
• Tax complication and issues
• Labour laws and compliance
• Cross-border tax complications and impositions
• Legality in franchising/ licensing/ agency and
distributing arrangements, etc.
Market Entry
Advisory, legal and documentation
expenses relating to:
• Name search
• Intellectual Property (IP) search and
application
• Filing and registration for sales/
representative offices or equity
entity
• Implementation of recommended
tax structures
• Import and export licenses
• Drafting of franchising, licensing,
agency, distributorship and joint
venture agreements
(limited to only the first set of such
agreements)
Proof of completion includes but is not limited to:
• Relevant filing documents submitted to authorities
• Copies of certificates, permits and licenses obtained
// OVERSEAS BUSINESS PARTNERS
Business
Matching
Supportable Activities
Deliverables
Third-party costs incurred to identify
potential business partners and/
or customers (B2B) including the
following:
• Licensees/ franchisees
• Agents and distributors
• Joint venture partners
Detailed report on the profile of the potential
customers/ partners for the company in the selected
market and business matching outcomes
// OVERSEAS MARKET PROMOTION
Supportable Activities
Deliverables
Overseas marketing
and PR activities
Third-party costs incurred for:
• Marketing and PR activities
including launch of in-store
promotions, road shows,
pop-up store executed via an
appointed Marketing and/ or
PR agency
• Speaking at overseas
business/ trade conferences
for the purpose of pitching
products/ services, technology
and industry capabilities
Proof of completion should include but not be
limited to the following:
• Event write-up attached with corresponding
materials such as photographs and publicity
materials
• Invoices/ receipts/ bank statements for
payment made to third-party vendor as proof of
payment for the costs incurred
Online marketing
activities
Third-party costs incurred for:
• Search engine marketing and/
or optimisation
• Social media marketing
campaigns
• Online advertising campaigns
• Listing/ subscription fees
on global online retail/
e-commerce platforms with
international reach and with
e-fulfilment, payment and
logistics capabilities
Proof of completion should include but not be
limited to the following:
• Details of website including URL and web
content uploaded
• Web analytics report
• Invoices/ receipts/ bank statements for
payment made to third-party vendor as proof of
payment for the costs incurred
Participation in
overseas trade fairs
NOT supported
under International
Marketing Activities
Programme (iMAP)
Third-party cost incurred for:
• Space rental
(capped at 36 square metres)
• Booth design and construction
(capped at 36 square metres)
Proof of completion should include but is not
limited to the following:
• Event write-up attached with corresponding
materials such as exhibitor listing, photographs
and publicity materials
• Invoices/ receipts/ bank statements for
payment made to third-party vendor as proof of
payment for the costs incurred
Do You Qualify?
To qualify for financial support, you will need to fulfil the following criteria:
Global HQ anchored in Singapore
SMEs with annual turnover of less than S$100 million per annum based on the most recent audited report
*Retrospective applications will not be accepted. Please submit the application through Business Grants
Portal (BGP) before proceeding with any of the below:
Making a payment including initial deposit
Signing of contractual agreement or purchase order
Commencement of the project
*Exception: Trade Fair applications may be made retrospectively (e.g. applicants may sign agreements, begin preparations, etc). However, trade fair applications must be submitted at least one working day before the actual event.
Companies may submit their applications, six months before at the earliest, and no later than 10 March
of each financial year ending on 31 March. Any application submitted after 10 March will be regarded as
application for the new financial year.
To apply
Please visit www.iesingapore.gov.sg/MRA_Grant
How the grant helped a company
to file and register IP in-market and support legal and documentation expenses
Company C, a provider of proprietary software, wanted to have its IP protected as it
expanded its international business by incorporating an entity in Myanmar to provide
services to clients in that market.
How we supported Company C: Grant support to the company to file and register
its IP in Myanmar. The grant also supported Company C’s legal and documentation
expenses including those incurred in filing documents with authorities and in obtaining
business licenses and permits.
How the project helped Company C: The company successfully incorporated a fully
operational legal entity in Myanmar, and was able to protect its IP for the proprietary
solutions it offered to clients.
Information accurate at time of printing // V2/Jul 2016
International Enterprise Singapore
230 Victoria Street #10-00
Bugis Junction Office Tower
Singapore 188024
1800-IESPORE (1800-4377673) local toll-free
T +65 6337 6628 • F +65 6337 6898
www.iesingapore.gov.sg