Market Readiness Assistance

Additional Info

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Market Readiness Assistance (MRA) is one of the initiatives being put in place by International Enterprise (IE) Singapore to help companies in Singapore on their journeys to internationalisation while achieving quality growth. This programme aims to help companies keen on venturing overseas, and the three types of assistance under IE’s Market Readiness.

Assistance include:
1) Information;
2) Learning; and
3) Financial Assistance

1) Information
Before embarking on a new business endeavor, it is crucial for business owners to understand the economic and social landscape of the market they intend to venture into. Here’s where IE Singapore’s extensive range of resources comes into play as it provides a broad range of research databases and market and sector insights which companies can tap on to navigate their ways around new markets of interest.

Assistance Offered

Description

iAdvisory Centre

Take your first step into the global business scene at the iAdvisory Centre. The Centre provides face-to-face support and online resources for companies to obtain business intelligence on overseas markets, industries, business contacts and trade statistics.

Companies can also enquire online.

IE Insights

Written by IE’s headquarter-based officers and Centre Directors around the world, IE Insights is a publication that features reports that provide market information and insights on opportunities in key emerging regions.

Research Databases

IE’s research databases provide companies with market and industry information to aid them in their expansions and ventures.

Market Guides

Companies will also be able to get a head start on their expansion plans. Market guides are available on the IE website, and they cover business-centric topics such as taxation, licensing, foreign investment and labour laws.

Singapore Trade Statistics

This is a monthly report that provides the most current analysis of Singapore’s bilateral trade.

2) Learning
IE Singapore offers a comprehensive range of seminars, clinics and workshops to equip companies with the necessary skills to do business in foreign markets. This includes programmes for companies looking to both venture and export overseas.

Venturing Overseas

Assistance Offered

Description

iAdvisory Seminars

iAdvisory Seminars offer practical market advice and firsthand accounts to companies. At these seminars, attendees get to gain insights from Centre Directors, ambassadors and officials from foreign ministries and embassies. 

The seminars also present companies with opportunities to consult market experts and advisors on issues such as tax, legal and HR issues.

iAdvisory Clinics

iAdvisory Clinics offer companies assistance and guidance in a classroom-style format. Similar to the seminars, attendees get to interact with market experts and advisors on business-centric issues that can help them understand the global market.

Exporting Overseas

Assistance Offered

Description

Export Readiness Assessment

Extremely beneficial to companies new to the export industry, this assessment analyses companies’ readiness to export. The 10-minute assessment will assess this based on financial strength, production capacity, market preparation and export experience.

Companies who complete the assessment will receive customised reports together with recommendations on appropriate programmes to kick-start their export journeys.

Export Strategy Workshops

These workshops aim to help companies identify key challenges and develop strategies. Areas of leaning include:

  • Strategy development for business sustainability;
  • International branding;
  • Channel and partner selection;
  • Effective presentation to overseas buyers; and
  • Negotiation skills for cross-border agreements

Export Clinics

These clinics are conducted to give help company representatives understand the technical and administrative aspects of export operations.

Free Trade Agreement (FTA) Workshop

In these workshops, company representatives will be able to learn more about FTAs and how to tap on the benefits of Singapore’s FTAs.

3) Financial Assistance
Financial resources are also essential to any kind of business expansion or startup as costs incurred always come up to considerable amounts. IE offers financial assistance to help companies reduce their financial costs when venturing into new markets.

Assistance Offered

Description and Benefits

Details

MRA Grant

The MRA Grant helps to defray some of the costs in professional services.

Qualifying Criteria:

  • Company’s global headquarter must be anchored in Singapore
  • Annual turnover of less than S$100 million per annum

Supports 50% of eligible third-party professional fees (capped at S$20,000 per year).

Qualifying Expenses

  • Market assessment;
  • Market entry; and
  • Business restructuring though internationalisation

Local Enterprises and Association Development (LEAD)

Through LEAD, IE Singapore works with industry and business associations, and chambers of commerce to strengthen companies in areas such as:

  • Branding;
  • Business Development;
  • Intellectual Property; and
  • Manpower Management

Supports up to 70% of eligible costs for qualifying projects.

Training grants of up to 90% will also be available to eligible secretariat of LEAD Associations.

Qualifying Expenses:

  • Manpower related costs
  • Professional services
  • Business development costs
  • Intellectual property costs

Double Tax Deduction (DTD)

The Double Tax Deduction (DTD) Scheme allows approved companies to deduct against their taxable income twice the qualifying expenses incurred for qualifying activities.
 

200% tax deduction on eligible expenses (Expenditure exceeding $100,000 requires IE’s approval).

Qualifying Expenses:

  • Market preparation
  • Market introduction
  • Marketing and promotion
  • Establishing market presence

International Marketing Activities Programme (iMAP)

iMAP provides support for companies when they participate in tradeshows and business missions and get funding from Trade Associations and Chambers of Commerce (TACs).

Supports up to 50% - 70% of eligible core expenses.

Qualifying Expenses:

  • Exhibition space rental
  • Booth construction
  • Fair/mission consultancy expenses

International Enterprise Singapore
To find out more about the Global Company Partnership (GCP) scheme, contact IE Singapore’s Customer Service Centre at 1800-IESPORE (1800-437 7673) or +65 6337 6628, or visit their iAdvisory Centre located at Level 10, Bugis Junction Office Tower, 230 Victoria Street, 188024.

Opening hours are from 9am to 6pm on weekdays. 
For further assistance, you may submit an online enquiry here.

Read 4765 times Last modified on Thursday, 18 December 2014 03:26