The national government of Singapore has recently come up with several enhancements that are supposed to make the program more effective than before. These came to effect on April 1, 2015. As part of the changes effected in the domain support for funding the said program has been increased. Previously the government used to bear 50% of the costs but now it takes care of 70% of the expenses. The Singaporean Government has also brought about several initiatives to promote one’s company outside the limits of Singapore. This is inclusive of activities such as public relations and marketing along with online marketing.
Additional benefits of Market Readiness Assistance Grant Program
Thanks to the added assistance that the government of Singapore is providing to companies as part of the MRA grant program, they will be able to take part in trade shows, held abroad, where iMAP support is not available. With the help of this program companies will also be able to employ professionals, who work on a third party basis and are capable enough to satisfy the various requirements that crop up in a business from time to time.
Third party cost coverage
As part of the Market Readiness Assistance Grant Program companies can now get 70% of the costs that they need to incur to hire freelancers to carry out various activities and operations. This coverage is inclusive of any expense that a company may incur in order to set up operations outside the country. With the help of this monetary aid companies will also be able to identify the companies that they would want to work with.
Details of financial assistance on offer
The Singaporean Government is bearing the costs to the limit as has been mentioned already. However, the maximum limit for this assistance has been fixed at 20,000 Singapore dollars and this is applicable on the basis of a financial year. There are also limits on the amount of time a company can apply for such aid. Only a couple of applications is permissible between April 1 of a year and March 31 of the next.
Who can apply?
The MRA program is meant primarily for small and medium enterprises (SMEs). Any company that is based in Singapore – they may or may not operate outside Singapore. As per their most recent audited report their yearly turnover should not exceed 100 million Singapore dollars.
Steps of application
The first step in applying for the Market Readiness Assistance Grant Program is to download the said form and fill it up properly. In the second step the concerned applicant should consult a preferred third party professional for a cost-related quotation. Once filled up thus, the form needs to be sent to the concerned authorities for approval.
How is approval given?
People applying for aid as per the MRA program need to keep in mind that the authorities do not entertain any retrospective applications. There are certain circumstances where the authorities will regard it as a retrospective application. In case the applicant has already made a starting payment such as a deposit upfront to a partner, started a project with a partner, or signed any contractual agreement, purchase order, or rental deal with the partner it will be deemed as a retrospective application. An applicant can only start a project once he or she has received an offer letter from the authorities handling the program. They are not even allowed to begin consultation prior to approval. One can submit claims through post or email. For this all important documents need to be furnished within a period of three months of providing project support. The amount is normally sent to the bank account of the company.
Applicants can also apply for MRA grant if they wish to from OOJO services, which is a recognized name when it comes to SEO services companies in Singapore. Companies like OOJO services are some of the most prominent names when it comes to helping applicants and can also help make the applicants receive a favorable reply. Bear in mind that a company can apply for the grant if it wants to avail overseas SEO services. This facility is not available for local SEO.