In Market Business Development

This is an activity under the Overseas Business Development pillar. MRA support for applications within this pillar is capped at S$50,000 per new market.

Supports third-party costs incurred for outsourced Business Development (BD) services such as:

• Recruitment and/or preparation of local in-market BD personnel
• BD efforts to reach out to new business leads
• Review of market entry strategy (e.g., advice on setting up of entity)

Please note: Companies should not have concurrent Overseas Marketing Presence and In-market Business Development applications.

For more information on what is not supported under MRA, please refer to FAQs > Supportable Activities.

Documents required for application

Once you have ensured that your business meets all eligibility criteria and you are ready to apply on BGP, you will be required to submit the following documents.

1. Company’s Financial Statements (FS) for the past 3 years

   Financial statements refer to audited statements/management accounts including a profit & loss and balance sheet (both signed off by an authorised person with the name and designation clearly stated).

   Newly incorporated companies (i.e., < 1 year) may submit other relevant supporting documents such as to-date unaudited financial statement, or management accounts endorsed by company’s shareholder/director instead.

   If your company belongs to a corporate group*, 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))

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

2. Proposal and/or quotation from your consultant/vendor

   Information required includes, but is not limited to:

   • Detailed scope of services
   • Expected project deliverables
   • Cost breakdown by scope of services

   Quotations must be addressed to the registered company name as per company’s ACRA Bizfile. Short-forms 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.
   
   

3. Consultant/vendor’s credentials, testimonials and examples of past completed projects

   Where applicable, EnterpriseSG may seek clarifications on the consultant/vendor choice and/or whether alternative quotations have been sought.

Documents required for audit

All MRA claims are subject to audit by an auditor from EnterpriseSG’s pre-qualified panel after project completion, before claim submission. Please submit the following documents to the auditor.

1. Statement of Claim
2. Invoice(s)
3. Any of these:
   • Company’s bank/credit card statement
   • Payor’s bank/credit card statement (for payment(s) made on behalf of the company by its director/shareholder)
   • Bank’s advice slip (for payment(s) via bank draft, telegraphic transfer, etc.)
   • Bank transactions proof reflecting both company’s and recipient’s account name and account number (for payment(s) via PayNow, GooglePay, etc.)
4. Other document(s) necessary as proof of payment e.g., photocopy of cheque, payment voucher

You may engage the auditor for more information.

Documents required for claims

After the completion of audit, submit a claim on BGP with the following documents by the claim submission deadline specified in your Letter of Offer.

1. Audit report
2. Statement of Claim (endorsed by auditor)
3. Project deliverables: Consultancy report which includes (but not limited to):
   • Documentation of activities conducted by in-market BD personnel (e.g., business meetings conducted)
   • Outcomes of BD efforts (e.g., leads generated, contracts signed)
   • Market updates, including consultant’s advice for setting up of entity or strategy for future efforts in the market

Achievement of project deliverables is assessed to determine if the project has been completed satisfactorily.

After claims approval, the grant will be disbursed via GIRO to your designated bank account. Please submit this GIRO form if no GIRO details have been submitted to Enterprise Singapore previously.

Business Grants Portal (BGP)

Sign in to your Corppass account to transact on BGP. Sign up if you do not have a Corppass account yet and refer to this guide for help.

Third party companies are not allowed to apply or manage the grant on behalf of applicant companies.