MARKET READINESS ASSISTANCE (MRA) GRANT APPLICATION FORM

Transcription

1 MARKET READINESS ASSISTANCE (MRA) GRANT APPLICATION FORM IMPORTANT INFORMATION All fields in this application form are mandatory unless otherwise stated. Please indicate Not Applicable or NA where field does not apply. Incomplete application forms will be rejected. Company may receive up to 70% support for applicable projects, subject to a maximum cap of S$20,000 per company per annum. Companies are allowed up to two MRA applications per financial year. Companies should submit their application form no earlier than 6 months and no later than 15 working days from the project start date. The maximum support period for the proposed project shall not exceed 6 months. Please note that the approval from IE Singapore has to be obtained before appointment of consultant or commencement of project. *Retrospective application will be rejected. *A case is deemed to be a retrospective application if any of the following events took place before the application is approved. Applicant has either: a) Made a payment including initial deposit to the vendor; or b) Signed the contractual agreement/rental agreement/purchase order with the vendor; or c) Commenced the project with the vendor Application Procedures Step 1: Fill up the application form. Please note to only include one activity per application. Step 2: Request cost quotation and /or proposal from third party vendor Step 3: Submit the completed application form, quotation and/ or proposal by to mra@iesingapore.gov.sg or post: International Enterprise Singapore Enterprise Services Division 230 Victoria Street #10-00 Bugis Junction Office Tower Singapore SECTION 1-A: COMPANY GENERAL AND FINANCIAL INFORMATION Company Name (as registered with ACRA) Company Unique Entity Number (UEN) Company Address Industry Type Brief Description on Nature of Business Page 1 of 5

2 Please complete the table below for applicant company s corporate shareholders (if any): Name of company with more than 50% shareholding in applicant company Country of Registration Percentage of shareholding (%) Latest Company Annual Sales Turnover (S$) Financial Period Start Date (MMYY) End Date (MMYY) Is the Global Headquarter of Company anchored in Singapore? Yes No SECTION 1-B: COMPANY REPRESENTATIVE CONTACT DETAILS Contact Person Designation Office Number Address SECTION 2: PROJECT SCOPE PROJECT TITLE: (e.g. Incorporation of business entity in Myanmar, or Participation in ABC trade fair 2015) PROJECT DESCRIPTION: Please describe briefly on the products/services that you would be promoting/ providing in the market Page 2 of 5 MRA application form V1_

3 Please select only one of the activities below: Market Assessment (eg. Market research & feasibility studies, advisory on market legislations, and recommending on mode of entry) Market Entry (eg. Incorporation of entity, implementation of recommended tax structure, IP search, filing and registration, and drafting of franchising, distributorship and joint venture agreement) If company is seeking support for incorporation of overseas entity, please provide the shareholding details of your new entity to be supported in the table below. Please note that the grant approved amount will be pro-rated according to the percentage of shareholding held by the applicant company in the new entity. Type of Entity Setup (Rep Office/Branch/Subsidiary etc) Country of Registration Percentage of Shareholding (%) Identification of potential overseas business partners and /or customers, or business matching Overseas Marketing and PR activities (eg. Marketing and PR agency fees for marketing campaigns, including space rental, design & construction for instore promotion, road shows or pop-up stores, speaking fees at overseas trade/business conferences) Online Marketing activities (eg. online advertising/ social media marketing campaigns, listing on global ecommerce platforms and search engine marketing/ optimisation) Participation in Overseas Trade Fairs (eg. space rental, design & construction cost for participation in non-imap supported trade fairs) Project Information: Selected Market(s) Project Fee (S$) Project Start Date (dd/mm/yy) Project End Date (dd/mm/yy) (Maximum support period is for six months. Project can only commence after approval date) Name of third party Vendor 1 Name of third party Vendor 2 Name of third party Vendor 3 Page 3 of 5 MRA application form V1_

4 Is any of the above third party vendor related affiliated to your company? Yes No If yes, please elaborate. SECTION 4: PERFORMANCE PROJECTIONS Year Financial Year FY End Date (DD/MM/YYYY) 0 (current) Projected Overseas Sales * (S$) Projected Overseas Investment ** (S$) *Overseas Sales - Overseas sales refers to transactions with overseas clients. Please provide yearly OS (as reported in P&L statement) in relation to the proposed project after it is completed. **Overseas Investment - Overseas investment includes equity investment and long-term loans to overseas branches/subsidiaries/affiliated companies. SECTION 5: DECLARATION BY COMPANY We are not engaged whether as plaintiff or defendant or otherwise in any claims, legal actions, proceedings or arbitrations pertaining to the proposed project, and there are no circumstances known to us that will likely lead to any such claims, legal actions, proceedings or arbitrations. We declare that the facts stated in this application form and the accompanying information are true and correct to the best of our knowledge and we have not withheld or distorted any material facts. We understand that if the MRA Grant is obtained by false or misleading information, we may be prosecuted under the Penal Code (Cap. 224) and IE Singapore may, at its discretion, withdraw the MRA Grant and recover immediately from us any amount of the MRA Grant that may have been disbursed. We undertake to inform IE Singapore immediately of any changes to the information given in this application and, if so requested, will provide all relevant documents to support or substantiate such changes. We understand that IE Singapore is not obliged to accept any changes to the information given in this application and shall have the right to reject this application and withdraw any approval granted if the changes, in the sole determination of IE Singapore, substantially alter the nature and substance of this application. We understand that the MRA Grant is not available to companies that are already enjoying other forms of incentives from the Government of Singapore e.g. Land Productivity Grant and similar activities under the Global Company Partnership. We declare that we did not and will not seek other support for the Project from IE Singapore or any other grant incentives offered by other agencies of the Government of Singapore for the Project. We have not received any other government incentives/concessions and have no intention to apply for any of them for this project Name as per NRIC* Signature* and Company Stamp (mandatory) Designation Date *Only a director of the company, as registered with ACRA, may sign this declaration. Page 4 of 5 MRA application form V1_

5 FOR OFFICIAL USE Recommended for Approval NAME OF THIRD PARTY VENDOR ELIGIBLE EXPENSES LEVEL OF SUPPORT (%) PROJECT FEES (IN BILLING CURRENCY) APPROVED AMOUNT (S$) TOTAL Name of Processing Officer/ Signature/ Date: Name of Approving Officer/ Signature/ Date: Remarks (if any) Page 5 of 5 MRA application form V1_

6 MARKET READINESS ASSISTANCE GRANT LIST OF FAQs FOR COMPANIES 1. Eligibility 1.1 Q: Can a company with existing overseas presence or overseas sales tap on MRA support? A: Yes, there are no new market criteria for MRA. 1.2 Q: Would a company be allowed to apply for MRA Grant if the total Group turnover exceeds S$100 million? A: The criterion of annual turnover less than $100million is applicable to single applicant companies. The Group Turnover is not a criterion for the scheme. 1.3 Q: If both parent company and its subsidiary apply for MRA Grant, are they subjected to $20,000 cap? A: The grant cap of $20,000 is applicable to each unique entity / company per fiscal year. 1.4 Q: Can a company enjoy MRA grant in addition to financial schemes from other government agencies? A: No, companies are not allowed to apply for MRA grant after they have received grant approvals from other agencies on the same eligible expenses or events. 1.5 Q: Can sole proprietors and partnerships apply for MRA Grant? A: IE Singapore seeks to understand the overseas expansion plans for sole proprietors and partnerships; and applications will be assessed on a case-bycase basis. 1.6 Q: Can a company tap on both GCP and MRA Grant support concurrently? A: Yes, eligible companies may apply for support under both GCP and MRA grant as long as it is not for the same scope of work/services/activities supported. 1

7 1.7 Q: Can a company apply for Double Tax Deduction on the same expenses supported by the MRA Grant? A: No, companies who have received MRA grant approval will not be allowed to apply for Double Tax Deduction support on the same eligible expenses. Example: Participation in Overseas Trade Fairs Under MRA, the eligible expenses are Space Rental Booth design and construction Under DTD, the eligible expenses are Stand Rental Stand Design/Decoration Stand Construction Production of Corporate Brochures or Catalogues Freighting of Exhibits Insurance of Exhibits Airfare* Hotel Accommodation & Meals Overseas Transportation Thus, companies can proceed to tap on DTD support for the following: o Production of Corporate Brochures or Catalogues o Freighting of Exhibits o Insurance of Exhibits o Airfare (capped at 2 employees) o Hotel Accommodation & Meals (capped at 2 employees) o Overseas Transportation 1.8 Q: Can a company submit more than 2 applications even though $20,000 has not been utilised? A: No. The maximum number of applications allowed is 2 per fiscal year. Grant cap of $20,000 is based on approved amount and not on utilized amount. 1.9 Q: If a company only utilized $10,000 of grant support, can they carry forward the unutilized $10,000 to the next fiscal year? A: No. Each eligible company will start with $20,000 at the beginning of each new fiscal year. 2

8 2. Application 2.1 Q: What is the maximum support period for an approved activity under MRA Grant? A: The maximum support period for an approved activity is 6 months. 2.2 Q: Is it mandatory for a company to appoint the consultants on IE s reference list? A: No. Companies can tap on the reference list or approach their preferred consultants to seek quotations. Companies are strongly encouraged to exercise due diligence prior to appointing any consultant. 2.3 Q: Are group applications (two or more companies listed as applicants in one applicant form) allowed? A: Strictly no. For companies seeking group applications, they can be considered under GCP Grant. 2.4 Q: What is the timeline for a company to submit their MRA Grant application to IE Singapore? A: Companies may submit their MRA Grant application at earliest, 6 months and at latest, 15 working days before the start of the project/activity. 2.5 Q: How long is the processing time for a MRA Grant application? A: An application will take about 15 working days to be processed, upon full submission of documentation. 2.6 Q: Can a company change the project scope and/or consultant/ thirdparty vendor after approval has been given? A: Strictly not allowed. Company will have to withdraw the approved application and re-apply as a new application. The withdrawn application will not be counted towards the company s 2 applications allowed per fiscal year. This also implies that the expenses incurred for the withdrawn application will not be reimbursed. 3

9 2.7 Q: What does a retrospective application mean? A: An application is deemed to be retrospective if any of the following events took place before the application is approved and IE Singapore s Letter of Offer (LOF) is issued. The applicant company has either: Made a payment including initial deposit to the consultant/ third-party vendor; or Signed the contractual agreement /purchase order with the consultant /third-party vendor; or Commenced the project with the consultant/third-party vendor Only for the activity on Participation in non-imap supported overseas trade fairs, companies may proceed with the following in consideration of the need to secure the booth space in advance and a longer preparation time is required: Make payment including initial deposit to the show organiser/third-party vendor; Sign the contractual agreement/rental agreement/purchase order with the show organiser/third-party vendor 2.8 Q: On application on the scope for Overseas Market Promotion, why can a company only apply at earliest 6 months before event start date? A: The 6-month period will allow for more certainty and clarity that the activity will proceed as planned by the applicant company. Companies are allowed to book the booth space and confirm booth design and construction cost at an earlier date. However, the MRA grant support is not guaranteed until companies applications are approved by IE Singapore. 4

10 3. Scope 3.1 Q: If Singapore is one of the target markets, is the activity still eligible for MRA Grant? A: As the purpose of the MRA grant is to defray companies costs when they venture overseas, hence any campaigns or activities organised in Singapore will not be supported. 3.2 Q: Is cost sharing allowed for any activity supportable under the MRA grant such as marketing / promotional activity? A: MRA supports costs incurred by companies directly from third party consultants/ vendors. Inter-company billing is strictly not allowed for all activities. For e.g. sharing of booth space rental between 2 companies will not be eligible for support if the invoice is only addressed to one company. The applicant company for the MRA grant must directly incur the expenses and payment to the third-party consultant and/or vendor. 3.3 Q: Can a company claim for additional expenses which would only be billed by the third party consultant/ vendor after the activity is completed? A: No. MRA grant support is approved based on the quotation submitted by companies during the application stage. The approved quantum is final, and additional claims are not allowed. 3.4 Q: Can a company tap on MRA grant for Overseas Market Promotion when a) There is unavailable booth space under the Singapore National Pavilion supported under IMAP; b) It can secure a better booth location compared to the Singapore National Pavilion; c) Its preference not to be part of the Singapore National Pavilion, for various reasons; d) Its preference to exhibit in different specialty hall within the same IMAP supported tradeshow? A: No to all of the above. We strongly encourage Singapore companies to be a part of the national identity. 5

11 3.5 Q: Why is there a cap to the grant support for the booth space at 36sqm? A: Companies may occupy a booth space beyond 36 sqm, but MRA grant support will be capped at 36 sqm per company. The objective is to maximise the grant to assist as many companies as possible. Based on data trending, a booth space of 36sqm is a reasonable size for most companies across different industries (eg. for display of their machines, furniture, etc) 3.6 Q: How can a company tap on Online Marketing Activities support? A: Companies are advised to have an initial discussion with their preferred third party vendor to share their objectives and requirements. For companies keen to apply grant support for Search Engine Marketing (SEM), information such as Markets/Locations Targeted, Cost Per Click and Projected number of clicks during campaign period will have to be included in the quotation. For companies keen to apply grant support for Search Engine Optimisation (SEO), the submission of a completed SEO audit report of their current website will be required during application. The implementation objectives should be stated clearly at the application stage. During the claims stage, a second SEO audit report will be required to detail the changes/enhancement implemented. 3.7 Q: Is there any other expense supported, which are not stated in the scope? A: Please note that only eligible expenses stated in the scope of the MRA Grant are supported. The following expenses are not supported under MRA Grant (please note that the list below is not exhaustive): Overseas Market Set-Up Application of work permit/visa Appointment Letter for employees Due diligence conducted on M&A target Drafting of rental agreement for residency and office rental Drafting of management contracts Drafting of franchising and licensing agreements where applicant is franchisee or licensee. Engagement of HR Recruitment firms and head-hunters Product certification costs Overseas Business Partners Purchasing/Subscribing to directory listing, databases (including online) 6

12 Costs related to sourcing for suppliers, investors, capital raising, selling of company s shares. Overseas Market Promotion Prototyping Production of corporate brochures Costs incurred for the purpose of fulfilling contractual obligation with clients Logistics, airfare, accommodation, in-house manpower, maintenance, security deposit, sales commission and success fees. Costs incurred for SEO audit report for submission during application Out of pocket expenses including GST, exchange rate losses etc. 7

13 4. Others 4.1 Q: Can a company request for an extension if they cannot complete the approved activity within 6 months or submit the claims within the stipulated deadline? A: The maximum support period for an approved activity is 6 months and companies can take up to maximum 3 months to submit its claims upon completion of the activity. Companies with valid reasons may request for an extension to IE Singapore via writing before the deadline, subject to approval. 4.2 Q: Does the expenses of the approved activity need to be audited? Would there be any support for audit fees supported? A: Expenses incurred for the approved activity need not be audited. Hence, there is no support for audit fees. However, company shall allow IE Singapore officers or their nominees to inspect the premises where the Project is carried out, the Company s accounts expenditures related to the Project and any other information pertaining to the Project. IE Singapore shall be entitled to take copies of or extract from accounts, records, documents or things that it has inspected. 4.3 Q: Can companies engage a known associate as the third party vendor? A: The third party firm to be engaged should be an independent firm to handle the approved activity and shall not be a related entity to the applicant company, unless there is clear business independence between both companies and it can be demonstrated that there are arms-length transactions in past/proposed projects. 4.4 Q: Does a company need to follow any standard design for its company booth at non-imap supported overseas tradeshow? A: No, but the applicant company s name should be reflected clearly on the booth. 8

14 4.5 Q: What kind of documents does a company need to provide for claims submission for the scope on Overseas Market Promotion? A: Companies may be required to submit additional claim documents at the request of the processing officer in IE to substantiate the validity of the approved activities. Please be informed that the list below is non-exhaustive. Online Marketing activities Actual spending on SEM including the no of clicks and amount bid for each market Print out of the advertisement placed (eg. on Google Search) Monitoring/Audit interface results (if any) Bank/ Credit card statement for proof of payment Overseas marketing and PR activities / Participation in non-imap supported Overseas Trade Fairs Companies need to submit an event write-up attached with corresponding materials such as exhibitor listing, photographs of the booth and publicity materials. The documents required include and are not limited by the nonexhaustive list below: Brochures or pamphlets containing details to substantiate the declared information of the promotion activity and the company profile of the organiser (name of the organiser, activity name and details, date of the activity etc.); Evidence to substantiate the applicant s participation in the activity (such as delegation list, exhibitors directory issued by the organiser, photo of booth showing the exhibitor name and booth number, exhibitor badge 9