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MRA Grant for Republic of Korea (South Korea)

Introduction to the MRA Grant

The Market Readiness Assistance (MRA) Grant is a strategic initiative from Enterprise Singapore that supports local SMEs in their internationalisation efforts. The grant provides up to 50% co-funding (capped at S$100,000 per fiscal year) for overseas market promotion, business development, and market setup activities.

South Korea, officially known as the Republic of Korea, is a high-potential market for Singapore SMEs. With its global influence in sectors like technology, beauty, fashion, entertainment, and healthcare, South Korea presents a unique and valuable growth opportunity. The MRA Grant helps reduce financial risks and provides companies with the flexibility and resources needed to establish a strong foothold in the Korean market.

Why Companies Expand to South Korea

South Korea boasts one of Asia’s most advanced economies and a highly urbanised, tech-savvy population. It is a global trendsetter in culture and consumerism, with K-pop, K-beauty, and Korean drama shaping global preferences. These cultural exports create significant brand engagement opportunities for international businesses.

Singapore companies are drawn to South Korea for a number of reasons:

  • Affluent and tech-forward consumers with a strong appetite for premium goods and digital services
  • Excellent infrastructure and digital connectivity, making it an ideal market for e-commerce and mobile-first business models
  • Global reputation for innovation and design
  • Strong Singapore–Korea bilateral ties, enhanced by trade and investment agreements

Cities like Seoul, Busan, and Incheon are economic powerhouses, offering strategic locations for businesses in retail, tech, F&B, lifestyle, and healthcare sectors.

Eligible Activities under the MRA Grant

For businesses expanding into South Korea, the MRA Grant supports the following three categories of activities:

  1. Overseas Market Promotion
    • Participation in expos and industry events in Seoul or Busan
    • Online advertising and influencer marketing campaigns targeting Korean consumers
    • Public relations and branding initiatives through Korean media
  2. Overseas Business Development
    • Engagement of Korean market consultants or local business developers
    • Business matching to connect with resellers, distributors, or B2B clients
    • Market research and competitive benchmarking to identify entry opportunities
  3. Overseas Market Setup
    • Legal services for company registration and licensing in South Korea
    • Tax advisory and regulatory compliance support
    • Intellectual property (IP) registration, especially for product-focused businesses

These activities ensure companies are well-prepared to enter and grow in the Korean market with the necessary legal, promotional, and operational support.

Expenses Supported for South Korea Expansion

The MRA Grant helps Singapore SMEs offset many costs associated with entering South Korea, such as:

  • Trade fair participation expenses including booth setup, logistics, and travel
  • Digital marketing costs on Naver, KakaoTalk, YouTube, and Instagram
  • Translation and localisation of product materials, websites, packaging, and ads into Korean
  • Consulting fees for market entry strategy, pricing analysis, or consumer research
  • Legal and accounting services for incorporation, tax planning, and compliance
  • IP protection costs to secure trademarks and copyrights in South Korea

All expenses must be tied to a defined expansion project and supported by valid quotations and third-party invoices.

Common Use Cases in South Korea

Here are some real-life examples of how Singapore SMEs use the MRA Grant to enter and grow in South Korea:

  • A skincare brand working with K-beauty influencers and listing on Korean e-commerce platforms
  • A fintech company showcasing its software at a Seoul tech exhibition and engaging local partners
  • A fashion label launching a limited-time retail pop-up and running social media ad campaigns
  • A F&B brand conducting feasibility studies before entering a franchise partnership in Seoul
  • An edtech provider hiring a consultant to localise its learning platform and pilot in Korean schools

These use cases show the adaptability of the MRA Grant across industries and business models.

Challenges Faced During Expansion and How MRA Helps

South Korea presents many opportunities, but the market also comes with unique challenges:

  • Language and Culture: Korean is the dominant language for business and marketing, and cultural expectations are highly nuanced.
  • Consumer Expectations: South Korean consumers expect excellent service, aesthetics, and localisation. Generic branding or subpar customer service will not succeed.
  • Regulatory Barriers: Licensing, certification, and tax processes can be complex, especially in industries like healthcare, food, and education.
  • Highly Competitive Market: South Korea has a fast-moving, trend-driven market where competitors are constantly innovating.

The MRA Grant helps companies overcome these challenges by funding expert advice and market intelligence. Whether it’s hiring translators, engaging legal counsel, or working with marketing specialists, the grant ensures SMEs have the resources to launch with precision and professionalism.

Eligibility Criteria

To qualify for MRA Grant support for South Korea expansion, your company must meet these conditions:

  1. Be registered and operating in Singapore
  2. Have at least 30% local shareholding
  3. Group annual turnover not exceeding S$100 million or group employment size not exceeding 200 employees
  4. Have no significant presence in South Korea at the point of application

These requirements ensure the grant supports first-time market entrants who genuinely require expansion support.

Required Documentation

To apply for the MRA Grant for your Korea expansion, prepare the following:

  • ACRA BizFile of your Singapore company
  • Latest audited or management accounts
  • A project proposal detailing your Korean market objectives, strategies, and expected results
  • Vendor quotations for all services to be funded (marketing, consulting, legal, etc.)
  • Timeline and cost breakdown
  • Background on consultants or potential partners, if applicable

Clear, well-organised documentation increases the likelihood of approval and speeds up the review process.

Application Process

Here is a step-by-step guide to the MRA Grant application process for South Korea:

  1. Project Planning
    • Define your entry objectives, activities, and market scope for South Korea
    • Identify suitable service providers and obtain formal quotations
  2. Apply via Business Grants Portal
    • Access the portal using CorpPass
    • Complete the MRA Grant application form and upload required documents
  3. Enterprise Singapore Review
    • Review time typically ranges from 4 to 8 weeks
    • Clarifications may be requested during evaluation
  4. Letter of Offer
    • Do not begin project work or make payments before receiving formal approval
  5. Execute Approved Project
    • Carry out the market expansion activities as per the approved plan
    • Maintain accurate records of all expenses and deliverables
  6. Submit Claims
    • Provide supporting documents for all claims, including invoices, payment proofs, and project outcomes
  7. Post-Project Report
    • Submit a final report summarising results, leads generated, partnerships formed, or business insights

Following this sequence ensures your claims are processed efficiently and within compliance guidelines.

Conclusion

South Korea is an advanced and culturally influential market, offering Singapore SMEs the opportunity to scale in a trend-driven, high-value environment. Whether you are entering the tech, beauty, education, or food sectors, the Korean market values innovation, quality, and local relevance.

However, expansion into South Korea requires more than just ambition—it needs strategic planning, cultural alignment, and professional execution. The MRA Grant provides vital funding to help Singapore businesses navigate these complexities, making the process of expansion more accessible, structured, and sustainable.

With the right partners and a thoughtful approach, your business can make a lasting impact in South Korea—and the MRA Grant is a key tool to get you there.