How can SMEs tap on the Market Readiness Assistance (MRA) Grant?

How can SMEs tap on the Market Readiness Assistance (MRA) Grant?

Companies applying for MRA funding projects

What is a MRA Grant?

The MRA grant is administrated by the Enterprise Singapore to support small and medium enterprises (SMEs) that has plans to expand their business overseas. This grant is aimed at providing financial assistance for various business activities such as overseas marketing and business development.

SMEs can take this opportunity to launch trade fairs, road shows and engage in business matching to identify potential partners.

non-financial assistance to help companies

What does the grant cover?

Eligible SMEs will receive the following support:

  • Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:
    • Overseas market promotion (capped at S$20,000)
    • Overseas business development (capped at S$50,000)
    • Overseas market set-up (capped at S$30,000)
      • The Trade Credit Insurance (TCI) is an added area of support under overseas market set-up

Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair). As announced at Budget 2021, the maximum support level of up to 80% will be extended for 6 months, until 31 March 2022.

What is my eligibility?

Companies should meet the following criteria:

  • Business entity is registered/incorporated in Singapore
  • New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years
  • At least 30% local shareholding
  • Group Annual Sales Turnover of not more than S$100 million; OR Company’s Group Employment Size of not more than 200 employees

I need help for my application, who can I look for?
You can come to us for any queries related to the MRA grant. We have assisted our clients on a variety of claims and applications in the past years.

Feel free to contact us at +65 9876 0332 or info@goglobalgem.com.

 

 

What is sustainability?

What is sustainability?

“Sustainability” seems to be the latest fad among corporate speak and corporate bigwigs often employ the word when addressing shareholders or the media alike. However, contrary to its current ubiquity in the media or being discussed at length during annual shareholders’ meetings, the very essence of “sustainability” precisely hinges on its ability to outlast its status of being the latest buzzword. So, what exactly does “sustainability” mean?

In its simplest form, “sustainability” means doing things in a certain way which would meet the needs of the current generation without compromising the ability of future generations to meet their own. Some people equate sustainability with dealing with climate change, some with reducing carbon emissions and some with switching to renewable energy sources. It is the sum of everything stated above and more.

Sustainability rests not solely on the shoulders of governments, corporations and non-government organizations. In fact, everyone has an equally important role to play in sustainability because Earth is the only home we know and have.

Environmental, Economic and Social.

To understand sustainability more comprehensively, it is divided into 3 pillars: Environmental, Economic and Social.

➀ Environmental

Environmental sustainability is the one most people are familiar with. It simply pertains to the management of Earth’s natural resources, that we take care not to exhaust these resources or destroy the environment in the extraction of these resources; that these resources are not over-extracted to the point that renewing them becomes impossible. For example, at the rate we are currently consuming fossil fuel or cutting down forests to make way for development, these practices are simply not sustainable. The carbon emissions of the former and reduced ability to remove carbon dioxide from the environment due to more deforestation only serve to exacerbate the problem.

➁ Economic

Economic sustainability emphasizes business practices that are able to support long-term economic growth and while not compromising social, environmental and cultural aspects of the community. For example, introducing legislation to limit or ban fracking near many residential areas would ensure residents in the area will have access to clean drinking water.

➂ Social

Social sustainability ensures that no one is exploited or discriminated against in the pursuit of profit; that everyone is treated fairly and has access to bare necessities such as clean water, adequate food, healthcare, shelter, and human rights. A good example would be a mass boycott of corporations by consumers and shareholders which exploit child labour or unfair employment practices in impoverished countries.

Collectively, these 3 pillars of sustainability are also known as the Triple Bottom Line. Ethical entities should always account for their triple bottom line, including success metrics to include contributions to environmental health (planet), social well-being (people), and a just economy (prosperity), which is also known as the 3 Ps.

sustainability mindset

Some may think that the individual would be too powerless to effect any change or influence in the sustainability mindset of governments or corporations. So, how do the everyday person become a crusader in the rescue of the only home they know?

It all starts from being educated (which you are by reading up to here) and also helping to spread the gospel to the uninformed. Be aware and interested to know more about the companies that you buy from. Always support companies that engage in sustainable practices and are reputable and take your dollar votes away from those that do not.

Ultimately, corporations’ main purpose is to generate profits and you, the consumer, would be giving them a very effective message by hurting them where it hurts most – in their pockets. Should enough consumers respond in like manner, this very simple action would generate a whole chain event which would reach all the way to the top of the corporations and force them to relook at their company policies.

For enquiries, feel free to reach out:

何家俊
Email: kahchuanho@goglobalgem.com

Desmond Chew
Email: desmondchew@goglobalgem.com