Market Readiness Assistance (MRA): Who Qualifies and What You Get
Learn how businesses can receive support for costs related to expanding into new overseas markets.
The Market Readiness Assistance (MRA) scheme is a support initiative designed to help businesses manage the costs of growing their operations beyond local borders.
Who it's for
This scheme is specifically for businesses that are looking to export their products or services to overseas markets. If your business is planning to move into international trade and needs help navigating the initial steps of expansion, this scheme is built for you.
What you get
When you expand into new territories, the costs can add up quickly. This scheme provides support to help mitigate those expenses by covering up to 50% of your overseas expansion costs. This financial assistance is intended to help lower the barrier to entry for companies attempting to establish a presence in a foreign market.
What it costs you
While the scheme provides financial support, it is not a simple handout. To qualify, you must be prepared to provide a clear internationalization plan. This means you need to demonstrate a structured approach to how you intend to grow your business globally, showing a clear path for your expansion into the target market.
The catch to know
The most important thing to remember is that this assistance is intended to fuel growth into new territory. It only applies to new markets; you cannot use this support to fund activities or expansion efforts within markets where your business is already established and operating.
How to apply
- Create a comprehensive internationalization plan that outlines your expansion strategy.
- Identify the specific overseas markets you intend to enter.
- Prepare your documentation to prove your readiness to enter these new markets.
- Submit your application through the official government portal.