04 Jun NEW UPDATED MRA GRANT IN SINGAPORE as of 1 April 2020
“For the MRA Grant and the cap has been raised from 70% of $20,000 to $30,000 for each new market.”
In the recent Singapore Budget 2020 announcement, the grant cap for the MRA was increased from $20,000 annually to $100,000 per new market per company, in the enhancement period of FY2020-2022.
The existing 70% support level for the MRA, which companies can use to pay for will also be extended for another three years, until March 31, 2023.
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As can be seen, the expenses incurred for protecting a company’s intellectual property overseas continue to be eligible for the MRA Grant and the cap has been raised from 70% of $20,000 to $30,000 for each new market. It is timely for companies to make optimum use of the MRA grant in a challenging environment such as the present to break into new markets and to ensure that the intellectual property rights are protected. Intellect is able to assist you to in this aspect.
To be eligible to apply for the MRA Grant, companies should be registered or incorporated in Singapore and have at least 30% local shareholding. Companies applying to enter the new market overseas must not have exceeded S$100,000 in overseas sales in each of the last three preceding years. Companies must also not have a Group Annual Sales Turnover of more than S$100 million or Company’s Group Employment Size of more than 200 employees.
Companies that have previously benefited from MRA, but whose overseas sales for that market have not exceeded S$100,000, can continue to be supported during the enhancement period of 1 April 2020 to 31 March 2023.
Companies that have used up the maximum S$100,000 support for a particular market between 1 April 2020 and 31 March 2023 will not be eligible for any more MRA grants for that market.
For more information how to make use of MRA grant to invest in your IP protection to expand your new market OVERSEAS, please contact 012-4237100 (Ms Liang) .