MRA Grant for Hong Kong: Empowering Singapore SMEs to Expand into Asia’s Financial and Business Hub

Hong Kong stands out as one of Asia’s most important commercial, financial, and trade centres. Its strategic location, low-tax environment, business-friendly regulations, and internationalised market make it an attractive destination for Singapore SMEs exploring overseas opportunities. With its strong legal infrastructure and well-established capital markets, Hong Kong is a powerful springboard into Greater China and North Asia.

To help SMEs enter this competitive yet promising market, Enterprise Singapore offers the Market Readiness Assistance (MRA) Grant for Hong Kong, a co-funding scheme that reduces the cost of internationalisation and lowers entry barriers.

This guide explores the opportunities in Hong Kong, the specifics of the MRA Grant Hong Kong, and how Singapore businesses can use it to fuel international growth.

Why Expand into Hong Kong?

Despite its compact size, Hong Kong offers numerous advantages for Singapore SMEs across various industries. Key reasons to consider expansion include:

1. Gateway to Mainland China and North Asia

With its close proximity to Guangdong and strategic integration under China’s Greater Bay Area (GBA) initiative, Hong Kong serves as a vital entry point for businesses eyeing the broader Chinese market.

2. International Financial and Legal Hub

Hong Kong’s regulatory transparency, common law legal system, and robust banking infrastructure make it a top choice for companies setting up regional headquarters or branch offices.

3. Open Economy with Low Taxes

Hong Kong boasts one of the world’s freest economies, with low corporate tax rates and minimal barriers to entry for foreign firms.

4. Cultural Familiarity and Business Synergy

With strong English proficiency, international exposure, and established Singapore-Hong Kong business ties, SMEs from Singapore can adapt quickly and collaborate with ease.

Overview of the MRA Grant for Hong Kong

The MRA Grant Hong Kong is a funding initiative by Enterprise Singapore designed to support Singapore SMEs in their early stages of overseas market expansion. The grant subsidises up to 50% of eligible costs, capped at S$100,000 per new market per fiscal year.

It helps businesses offset the cost of exploring the Hong Kong market, promoting their products or services, and establishing a local presence.

Who Is Eligible for the MRA Grant Hong Kong?

To apply for the MRA Grant for Hong Kong, companies must meet the following criteria:

• Registered and operating in Singapore

• At least 30% local shareholding

• Group annual turnover of less than S$100 million OR fewer than 200 employees

• Not have received MRA funding for Hong Kong within the same financial year

Applications must be submitted through the Business Grants Portal (BGP) before the start of any activities.

Activities Covered Under MRA Grant for Hong Kong

The MRA Grant Hong Kong supports a range of business activities that are critical for market entry, divided into three core categories:

1. Overseas Market Promotion

• Participation in Hong Kong trade exhibitions and business conferences

• Digital marketing campaigns targeting Hong Kong consumers (e.g. on Google, Meta, LinkedIn)

• Engaging local PR or media agencies to build brand awareness

2. Overseas Business Development

• Business matching with Hong Kong partners, distributors, or franchisees

• Appointment setting and lead generation with enterprise clients

• Hiring in-market consultants to develop go-to-market strategies

3. Overseas Market Set-Up

• Legal and tax advisory for company incorporation in Hong Kong

• Trademark and IP registration with the Intellectual Property Department (IPD)

• Compliance advisory, including regulatory and employment laws

These activities are designed to support SMEs from brand introduction to operational readiness in Hong Kong.

MRA Grant Hong Kong Funding Caps

The funding provided under the MRA Grant for Hong Kong is subject to category-specific limits:

Activity Category	Maximum Support Amount
Market Promotion	Up to S$20,000
Business Development	Up to S$50,000
Market Set-Up	Up to S$30,000

Planning within these caps ensures efficient allocation of grant support while maintaining eligibility for claims.

How to Apply for the MRA Grant Hong Kong

Here’s a step-by-step guide to applying and utilising the MRA Grant:

Step 1: Pre-Application Planning

• Confirm eligibility

• Select vendors or consultants (approved ones where applicable)

• Get formal quotations and prepare activity scopes

Step 2: Submit Application on Business Grants Portal

• Visit Business Grants Portal using CorpPass

• Choose “Market Readiness Assistance Grant” and indicate “Hong Kong” as the target market

• Upload supporting documents and submit your application

Step 3: Await Approval

• Do not begin any activity before Enterprise Singapore’s formal approval

• Wait for grant issuance before signing vendor contracts or incurring expenses

Step 4: Execute Activities and Maintain Documentation

• Complete activities as approved

• Retain records such as contracts, invoices, marketing outputs, and reports

Step 5: Submit Reimbursement Claim

• Log back into BGP and submit post-activity claims

• Include necessary documents (photos, invoices, performance reports, proof of payments)
  

Common Mistakes to Avoid

Avoid these pitfalls when applying for or utilising the MRA Grant Hong Kong:

• Starting activities before approval – Expenses incurred prematurely are not claimable

• Inadequate documentation – Missing or unclear proof can lead to rejected claims

• Exceeding funding caps – Stick to the defined limits for each activity type

• Using unapproved vendors – For activities like business matching, use only Enterprise Singapore-approved consultants
  

Case Examples: Singapore SMEs Using the MRA Grant in Hong Kong

Case Study 1: Retail Expansion

A premium Singapore-based fashion label used the MRA Grant Hong Kong to launch a pop-up store in Central, Hong Kong. They also ran a digital marketing campaign on Instagram and used PR services to secure media coverage. As a result, they built brand recognition and secured a local retail partnership.

Case Study 2: LegalTech Market Entry

A B2B software company offering legal automation solutions entered Hong Kong with MRA support for lead generation, website localisation, and legal incorporation. The grant covered nearly 50% of their startup cost.

Case Study 3: F&B Franchising

A fast-casual restaurant brand from Singapore used MRA funding to exhibit at a regional F&B trade show, engage with potential franchisees, and seek legal advice for franchise compliance in Hong Kong.

Advantages of Engaging a Consultant for Hong Kong Market Entry

While not compulsory for all activities, working with a qualified consultant offers several advantages:

• Proper alignment of activities with MRA guidelines

• Enhanced market insights and in-market partner access

• Support in drafting grant applications and ensuring compliance

• Help with claims submission and proper documentation

Consultants reduce administrative burdens and allow SMEs to focus on executing their market entry strategies effectively.

Best-fit Industries for Hong Kong Market Entry

Some sectors present particularly strong opportunities for Singapore SMEs entering Hong Kong:

• Financial Technology (FinTech) – Hong Kong’s fintech ecosystem is rapidly growing, supported by strong regulatory frameworks

• Retail and Lifestyle Brands – Affluent consumers and premium mall infrastructure offer an ideal space for niche retail concepts

• Education and Training – High demand for enrichment programmes, digital learning, and overseas study prep

• Health and Wellness – Increasing demand for alternative therapies, premium skincare, and wellness-focused services

• Professional Services and SaaS – B2B solutions are in demand across accounting, legal, and HR services

Entering with a clearly defined offering aligned with local market needs significantly enhances success rates.

Conclusion: Expand Confidently into Hong Kong with MRA Grant Support

The MRA Grant for Hong Kong offers Singapore SMEs a cost-effective way to test, enter, and establish a strong presence in one of Asia’s most advanced and internationally connected markets. With up to S$100,000 in funding support per year, the grant reduces financial risks and gives your business the room to make strategic decisions in real time.

Whether you are a retail brand launching a store, a SaaS company targeting B2B clients, or an education provider exploring partnerships, the MRA Grant Hong Kong gives you the boost to compete and grow overseas—with government-backed support at every step.