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Mra Application Checklist

Quick tips are provided to guide applicants through the Market Readiness Assistance application process smoothly. To be eligible, the applicant business must meet four criteria: be registered in Singapore, have at least 30% local ownership, group annual sales below S$100M or fewer than 200 workers, and overseas sales below S$100k per country in the last 3 years. Applicants should prepare documents like financial statements for the last 3 years, vendor quotations and proposals, and ensure their business sector is accurately listed on their ACRA profile before applying. Failure to comply with these document requirements may result in rejection or requests to amend the application.

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Putri Wahyuni Siburian
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119 views

Mra Application Checklist

Quick tips are provided to guide applicants through the Market Readiness Assistance application process smoothly. To be eligible, the applicant business must meet four criteria: be registered in Singapore, have at least 30% local ownership, group annual sales below S$100M or fewer than 200 workers, and overseas sales below S$100k per country in the last 3 years. Applicants should prepare documents like financial statements for the last 3 years, vendor quotations and proposals, and ensure their business sector is accurately listed on their ACRA profile before applying. Failure to comply with these document requirements may result in rejection or requests to amend the application.

Uploaded by

Putri Wahyuni Siburian
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Quick tips for Market Readiness Assistance (MRA) applications

For a smoother MRA application process, here are some commonly asked questions and
tips to guide you along.

Check if you are eligible for MRA

To apply for MRA, you must ensure that a – d of the eligibility criteria below are met:

a. ☐ Business entity that is registered/incorporated in Singapore,

b. ☐ At least 30% local shareholding held directly or indirectly by Singaporean(s) /


Singapore PR(s), determined by the ultimate individual ownership of the applicant.

c. ☐ If you belong to a corporate group1, your Company Group Annual Sales


Turnover must be ≤ S$100 million, or your Company’s Group Employment Size
must be ≤ 200 workers.

d. ☐ Company’s overseas sales in the target overseas country have not exceeded
S$100,000 in each of the last 3 preceding years.

Please refer to the Annex for the full definition of holding companies, subsidiaries
and illustration of group structures.

1A corporate group is made up of the applicant, holding companies owning > 50% of the applicant,
and subsidiaries that the applicant owns > 50% of.

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Prepare documents before application

As part of the MRA application, you will be required to submit the following documents:

• Company’s Financial Statements2


☐ Company financial statements (FS) for the past 3 years must be submitted.

For newly incorporated companies (i.e. < 1 year), you may attach other
relevant supporting documents such as: to-date unaudited financial statement
or management accounts endorsed by company’s shareholder/director stated
in ACRA.

If your company belongs to a corporate group1, please also submit:


☐ Ultimate corporate group financial statements for the past 3 years
☐ ACRA bizfile of holding companies and/or subsidiaries
☐ Corporate group structure
☐ Complete SGX Shareholder report (if parent company is listed on the
Singapore Exchange (SGX))

• Documents to request from vendor


☐ Quotation
Please take note of the following when preparing the quotation:
• The quotation must be addressed to the grant applicant’s registered
company name as per company’s ACRA Bizfile. Short-form and/or other
names will not be accepted. E.g. If registered company is ABC Global Pte
Ltd, ABC Global (without ‘Pte Ltd’) will not be accepted.
• The quotation should provide an itemised cost breakdown.

☐ Proposal
Please take note of the following when preparing the proposal. The information
required includes but is not limited to:
• Testimonials/credentials of the project team (with the exception of
Enterprise Singapore’s list* of Free Trade Agreement [FTA] and
Trade Compliance consultants*)
• Track records of past completed projects (with the exception of Enterprise
Singapore’s list* of FTA and Trade Compliance consultants)
• Detailed scope of services
• Cost breakdown by scope of services
• Expected deliverables for the project

2Financial statements refer to audited statements/management accounts including a profit & loss and
balance sheet, both signed off by an authorised person, with his/her name and designation clearly
stated on the documents.

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Failure to comply to the above might result in your application being rejected and/or
returned for amendment.

Validate your Business Sector on your ACRA Bizfile before


application4
When completing the MRA application form, you will be asked to declare the Business
Sector your company operates within. This can be referenced from the SSIC descriptions
as reflected on your company’s ACRA Bizfile.

☐ Kindly ensure that your company’s ACRA Bizfile is refreshed to be the most updated. It
should reflect current business activities and associated SSIC descriptions. If your
business activities have since changed, you may approach ACRA to update.

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Annex: Holding Companies and Subsidiaries

Holding Company
A Holding Company is any corporate entity that owns > 50% of your company’s shares.

Examples of group structure to determine if a company is a Holding Company (Holding


Companies are indicated in red boxes):

*Note: If your Holding Company has a parent/parents, continue tracing upward for entities
that own > 50% shares, across all levels, until you hit the final parent. Each of these
companies along the chain are part of the Group Structure and should be recorded as
Holding Companies in your Company Profile.

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Subsidiary
A Subsidiary is any corporate entity that your company owns > 50% shares of.

Example of group structure to determine if a company is a Subsidiary


(Subsidiary/Subsidiaries are indicated in the red box):

*Note: There may be multiple companies which your company owns > 50% shares of. In
such cases, all qualify as Subsidiaries and should be indicated in your Company Profile.

Updated as of Dec 2022

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