An Overlooked Opportunity In ASEAN

While Bali might be a tempting destination, solo entrepreneurs and startups often overlook a significant opportunity within the APAC region—the grants provided by the Singapore government. Singapore offers a substantial reimbursement of up to $100,000 SGD for businesses expanding into any market outside of Singapore. Worry not about the high cost of living. Business owners don't have to reside in Singapore to tap into these grants. 

For startups looking for financial support, Singapore stands out with the most business-friendly solutions. The Singapore government offers grants of $100,000 SGD and beyond to bolster companies in their pursuit of market expansion. 

Scalelight.io assists startups and SMEs business owners to tap into these programs in order to expand in major markets like the U.S, Asia, Africa and Latin America. 

What is MRA Grant Really?

The Market Readiness Assistance (MRA) grant is a strategic initiative designed to ease the financial burden associated with overseas market promotion, business development, and set-up for Singaporean entities. It caters to the needs of local SMEs by covering up to 50% of eligible costs, with a cap of S$100,000 per company per new market.

Eligibility 

To qualify for the MRA grant, your business must be registered and operating in Singapore. 

Additionally, it should have at least 30% local equity held directly or indirectly by Singaporeans or Singapore PRs. With careful planning and appropriate structuring, you can meet this requirement while maintaining the overall integrity of your business composition.

Meeting the criteria requires that annual sales in the target overseas market should not exceed S$100,000 in the preceding three years.

Furthermore, the company's group annual sales turnover should not surpass S$100 million, and the group employment size should not exceed 200 employees.

How to Leverage MRA Grant

The MRA grant holds significant potential for startup’s outsourced sales teams. By establishing an SG entity and successfully applying for the grant, businesses can offset a sizable cost when expanding to different markets. 

For instance, if your expansion to China costs $50,000, you stand to receive $25,000 as an approved grant applicant. Even if you’re operating your business from the U.S, as an approved applicant, you’ll be reimbursed 50% of all your costs in marketing and business development within the U.S

How We Can Help

Scalelight.io, as an outsourced business development agency, can unlock the true potential of your venture. Beyond financial support, we extend dedicated support to solopreneurs looking to scale their startup in major markets like the U.S, Asia,  Africa and more. 

With us, solopreneurs gain a longer runway to scale their startup. Connect with Scalelight.io today to embark on a strategic partnership that propels your business towards enduring success.