MRA Grant for South Korea: Helping Singapore SMEs Enter One of Asia’s Most Innovative Economies

South Korea, also known as the Republic of Korea, is one of Asia’s most technologically advanced and digitally connected economies. With a dynamic consumer market, strong infrastructure, and a culture that embraces innovation, South Korea presents exciting growth opportunities for Singapore SMEs. Whether you’re in technology, retail, food & beverage, healthcare, or education, South Korea’s appetite for global products and services is only growing.

To help Singapore SMEs tap into this high-potential market, Enterprise Singapore offers the Market Readiness Assistance (MRA) Grant for South Korea, which provides funding support to reduce the financial risk of international expansion.

This article explores the business potential in South Korea and how the MRA Grant South Korea can be used to support your market entry.

Why Expand into South Korea?

South Korea offers an attractive blend of a developed economy and fast-paced innovation. Here’s why Singapore businesses should consider expanding into the Korean market:

1. Tech-Savvy, Affluent Consumers

South Korea has one of the highest internet penetration rates globally and a strong digital economy. Korean consumers are early adopters, open to premium, tech-enhanced, and lifestyle products.

2. Strong E-Commerce and Retail Market

With platforms like Coupang, Gmarket, and Naver dominating the local scene, South Korea presents immense opportunities for digitally driven SMEs, especially in fashion, cosmetics, and food.

3. Global Cultural Influence

South Korea’s global cultural reach through K-pop, K-beauty, and Korean dramas has opened doors for cross-border brand recognition and collaborations, especially for youth-focused offerings.

4. Strategic Trade Relationship with Singapore

Singapore and South Korea are partners in several trade agreements, including the Korea-Singapore Free Trade Agreement (KSFTA) and the Regional Comprehensive Economic Partnership (RCEP), facilitating business activities and investment flows.

What Is the MRA Grant for South Korea?

The MRA Grant for South Korea is part of Enterprise Singapore’s internationalisation support framework for SMEs. This grant provides up to 50% reimbursement on eligible costs, capped at S$100,000 per new market per fiscal year.

For Singapore SMEs aiming to enter the Korean market, this grant can offset a large portion of the costs related to brand promotion, partner development, and operational setup.

Who Is Eligible for the MRA Grant South Korea?

To be eligible for the MRA Grant for Republic of Korea, your company must:

• Be registered and operating in Singapore

• Have at least 30% local shareholding

• Have a group annual turnover of under S$100 million or fewer than 200 employees

• Not have previously claimed the MRA Grant for South Korea in the current financial year

All activities must be approved before they begin—no backdated claims are permitted.

Activities Supported by the MRA Grant South Korea

The MRA Grant supports activities across three essential categories for overseas expansion:

1. Overseas Market Promotion

• Participation in trade shows, exhibitions, or business missions in Seoul, Busan, or Incheon

• Launch of marketing campaigns via Korean digital platforms like Naver, Kakao, and Instagram

• Engaging local public relations or influencer agencies to raise brand awareness

2. Overseas Business Development

• Business matching with Korean distributors, franchisees, or strategic partners

• Appointment setting and lead generation services

• Hiring local consultants to conduct market research or sector-specific opportunity mapping

3. Overseas Market Set-Up

• Legal and tax advisory for company registration in South Korea

• Trademark and intellectual property registration with the Korean Intellectual Property Office (KIPO)

• HR and recruitment advisory for local talent acquisition

These activities enable SMEs to build a strong and compliant foundation for sustainable growth in Korea.

MRA Grant South Korea: Funding Caps by Category

Each grant application may include a mix of activities across the following capped amounts:

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

SMEs are encouraged to plan their expansion strategy to utilise the maximum eligible support while staying compliant with Enterprise Singapore’s guidelines.

How to Apply for the MRA Grant for South Korea

The application process is structured and transparent. Follow these five steps:

Step 1: Pre-Application Preparation

• Verify that your SME meets the eligibility criteria

• Identify qualified third-party vendors or consultants (some may need ESG approval)

• Obtain written quotations and define the scope of your project

Step 2: Submit Application via Business Grants Portal (BGP)

• Log into Business Grants Portal using your CorpPass

• Choose “Market Readiness Assistance Grant” and select “Republic of Korea” as your target market

• Submit your supporting documents (quotes, project plan, vendor details)

Step 3: Await Approval

• You may only begin work once Enterprise Singapore approves your application

• A Letter of Offer will be issued confirming the approval

Step 4: Execute the Activities

• Implement activities exactly as approved

• Track and document all deliverables and costs, including payment receipts, contracts, reports, and marketing materials

Step 5: Submit Reimbursement Claim

• Once your project is completed, submit your claim via BGP

• Provide complete and verifiable documentation for Enterprise Singapore to review
  

Avoiding Common Pitfalls

Here are the most common mistakes applicants make when applying for or using the MRA Grant for South Korea:

• Starting activities before receiving approval – this will disqualify your entire claim

• Submitting incomplete documentation – such as missing invoices, unclear deliverables, or no proof of marketing outcomes

• Working with unapproved vendors – especially for business matching and consultancy activities

• Over-budgeting – plan within the category caps to ensure full reimbursement
  

Examples of How SMEs Have Used the MRA Grant in South Korea

Case Study 1: Fashion Brand Expansion

A Singapore-based fashion label entered the Korean market by showcasing at Seoul Fashion Week and running influencer campaigns on Instagram and Naver. The MRA Grant covered marketing, event participation, and PR support, leading to retail distribution partnerships.

Case Study 2: EdTech Launch

An EdTech platform used the MRA Grant to localise its learning platform in Korean, conduct B2B lead generation campaigns targeting cram schools and universities, and explore local registration requirements.

Case Study 3: SaaS Solutions Provider

A logistics software company expanded into South Korea by participating in a B2B technology fair in Busan and hiring a local legal consultant to advise on data privacy compliance—50% of which was funded through the MRA Grant.

These examples demonstrate the versatility of the MRA Grant South Korea in supporting a variety of business goals and sectors.

Should You Engage a Consultant?

South Korea has a unique business culture, language, and regulatory system. Working with a consultant can significantly enhance your success:

• Tailor your expansion plan to Korean consumer and business preferences

• Ensure compliance with Enterprise Singapore’s documentation standards

• Identify and work with reputable local vendors

• Streamline your MRA application and claims process

For SMEs unfamiliar with South Korea, this can be the difference between a smooth expansion and a costly mistake.

Industries with High Potential in South Korea

South Korea presents fertile ground for Singapore SMEs in the following sectors:

• Beauty & Skincare – Korean consumers are early adopters of innovative skincare and wellness solutions

• Technology & SaaS – Strong demand for productivity, logistics, and security software

• Education & Training – There is a strong market for English language learning, test prep, and executive education

• F&B & Consumer Goods – Singaporean food brands and gourmet products have growing appeal

• Fintech & Payments – SMEs offering secure, fast, and mobile-first financial services can tap into Korea’s digital finance boom

Matching your product to Korean preferences and trends is critical to gaining traction.

Conclusion: Take Your SME Global with the MRA Grant South Korea

The MRA Grant for South Korea is a valuable support mechanism for Singapore SMEs seeking to tap into one of Asia’s most advanced, trend-setting, and digitally connected markets. With up to S$100,000 in support per market, you can run strategic campaigns, build partnerships, and establish operations with significantly lower financial risks.

Whether you're launching a consumer brand, tech platform, or service-oriented business, the MRA Grant South Korea is the launchpad you need to expand confidently and competitively in a market that values innovation and global quality.