Taiwan, officially the Republic of China (ROC), is a dynamic, innovation-driven economy with strong consumer demand, a robust technology sector, and a deep appreciation for quality international products and services. For Singapore SMEs planning regional expansion, Taiwan offers strategic entry into the North Asia market, with clear business regulations and a highly educated, urban population.

With the Market Readiness Assistance (MRA) Grant for Taiwan, Enterprise Singapore offers co-funding support to help SMEs defray the costs of entering this competitive and rewarding market. In this guide, we explore why Taiwan is a valuable overseas market for Singapore businesses, what the MRA Grant covers, and how to apply and benefit from it effectively.

Why Expand to Taiwan?

Taiwan presents several strategic advantages for Singapore-based SMEs:

1. Developed Economy with High Purchasing Power

Taiwan has one of Asia’s highest GDP per capita rates. Its consumers are discerning and willing to pay for premium products and services, especially from reputable international brands.

2. Innovation-Driven Market

Home to a thriving tech, semiconductor, and manufacturing ecosystem, Taiwan is an ideal destination for SaaS, IoT, health tech, and design-focused businesses.

3. Pro-SME Business Environment

Taiwan encourages foreign investment, and Singapore companies often find the legal and regulatory framework transparent and easy to navigate.

4. Cultural Compatibility

There is strong cultural affinity between Taiwan and Singapore, including shared food culture, Mandarin language use, and appreciation for quality education, technology, and healthcare.

5. Strategic North Asia Gateway

Taiwan’s location makes it a springboard to other advanced markets like Japan, South Korea, and Mainland China, especially for export-ready or regional operations.

What Is the MRA Grant?

The Market Readiness Assistance (MRA) Grant is a Singapore government grant designed to help SMEs enter new overseas markets like Taiwan. Administered by Enterprise Singapore, the grant supports companies by co-funding costs related to market promotion, business development, and setup.

Grant Details:

• Up to 70% funding support

• S$100,000 cap per new market per fiscal year

• Structured support for three key activities:

  1. Overseas Market Promotion

  2. Overseas Business Development

  3. Overseas Market Setup

This grant helps Singapore SMEs reduce initial costs, minimise risk, and improve success when expanding to Taiwan.

Who Is Eligible?

To qualify for the MRA Grant for Taiwan, your company must meet the following criteria:

1. Be registered and operating in Singapore

2. Have at least 30% local shareholding

3. Belong to a group with:

   • Annual turnover not more than S$100 million, OR

   • Group employment size not exceeding 200 employees

4. Have generated less than S$100,000 in revenue from Taiwan over the past 3 years

This ensures that the grant is used for genuine new market expansion efforts.

What Activities Are Supported?

The MRA Grant provides coverage under three categories:

1. Overseas Market Promotion

Build visibility and customer awareness in Taiwan through:

• Digital advertising on platforms such as Facebook, Google, Instagram, and LINE Taiwan

• Working with local Key Opinion Leaders (KOLs) or influencers

• Creating a Mandarin-language website or marketing collateral for the Taiwanese audience

• Participating in trade shows such as Taipei International Food Show or Computex Taipei

2. Overseas Business Development

Develop your business pipeline and partnerships in Taiwan through:

• Business matching with distributors, franchisees, or clients

• Engaging local market entry consultants

• Conducting market research or feasibility studies tailored to Taiwan

• Hiring third-party local sales or business development agents for customer acquisition

3. Overseas Market Setup

Lay the foundation for legal and operational presence in Taiwan via:

• Incorporating a local company or representative office

• Trademark or intellectual property registration

• Drafting legal contracts for partnerships, distribution, or franchising

• Engaging local tax, legal, and HR consultants to ensure compliance

What the MRA Grant Does Not Cover

There are several activities the grant does not support:

• Internal staff salaries or benefits

• Travel, accommodation, and food expenses

• Cost of goods sold (COGS) or inventory

• Retrospective activities (i.e., work started before grant approval)

• Vendor payments to related parties (vendors must be third-party, independent)

MRA Grant Application Process (Taiwan Market)

Step 1: Plan Your Expansion Strategy

Define your Taiwan market objectives. Are you launching an e-commerce presence, franchising your brand, or setting up a physical location? Choose third-party vendors accordingly.

Step 2: Prepare Your Documents

You will need the following:

• ACRA Bizfile

• Project proposal clearly outlining scope, objectives, and outcomes

• Quotations from vendors in English

• Vendor credentials (company profiles, portfolios, licenses)

Step 3: Submit via Business Grants Portal (BGP)

• Visit www.businessgrants.gov.sg

• Log in using your company CorpPass

• Select “Market Readiness Assistance (MRA) Grant”

• Choose “Taiwan (Republic of China)” as your new market

• Upload all documentation and submit

Step 4: Await Enterprise Singapore’s Approval

Approval typically takes 6 to 8 weeks. Do not begin any activities or make payments before receiving official approval.

Step 5: Execute the Project

Once approved, you may proceed with your marketing, business development, or company setup in Taiwan. Maintain clear records, such as contracts, receipts, invoices, and deliverables.

Step 6: Submit Final Claim

Prepare your post-project report and submit the following:

• Vendor invoices and proof of payment

• Proof of deliverables (campaign screenshots, contracts, registration papers)

• Final project summary and outcomes

Enterprise Singapore will review your submission and process reimbursement accordingly.

How Our Consultancy Can Help

We are a Singapore-based consultancy firm that helps SMEs secure the MRA Grant for Taiwan and implement successful market entry strategies. Our full-service solution includes:

• Evaluating your readiness to enter the Taiwan market

• Identifying qualified and MRA-compliant vendors in Taiwan

• Preparing and submitting the MRA application and documentation

• Providing guidance throughout project execution

• Assisting in grant claim submission and compliance

Our goal is to help you navigate Taiwan’s business landscape while maximising your grant entitlement.

Real Case Study: Singapore Software Firm Expands into Taiwan

A Singapore tech SME offering CRM software engaged us to support their Taiwan expansion. With our assistance, they:

• Engaged a local BD consultant to conduct market validation and lead generation

• Ran a digital marketing campaign on Facebook and LINE in Mandarin

• Registered their trademark in Taiwan

• Entered partnership talks with two Taiwan-based system integrators

The MRA Grant covered over 65% of eligible costs. Within 9 months, they had signed their first Taiwanese client and opened a local support office in Taipei.

Estimated Project Timeline

Common Mistakes to Avoid

1. Starting work before approval – Any activity started before formal approval is ineligible.

2. Using related-party vendors – All service providers must be independent.

3. Submitting vague proposals – Provide a detailed project scope with measurable KPIs.

4. Insufficient documentation – Save all proof of payments, deliverables, and results.

High-Potential Industries for Taiwan Expansion

Based on our consultancy’s experience, the following sectors hold strong potential for Singapore SMEs in Taiwan:

• Consumer Tech & Gadgets – Taiwanese consumers embrace innovation and value usability

• F&B and Café Concepts – Singapore brands are well received in lifestyle and health-conscious segments

• Healthcare & Wellness – Supplements, skincare, and functional foods are in high demand

• Education & Training – There is strong interest in bilingual and tech-focused enrichment

• Professional & Business Services – B2B SaaS and fintech services are growing sectors

Conclusion

The Market Readiness Assistance (MRA) Grant for Taiwan (Republic of China) is a valuable tool for Singapore SMEs looking to enter a high-value, innovation-driven market in North Asia. With up to 70% funding, it helps reduce the financial barrier of internationalisation, enabling you to promote, develop, and establish your business confidently in Taiwan.

With the right market entry strategy, professional consultancy support, and grant compliance, your business can build a sustainable and profitable presence in Taiwan.

Looking to expand into Taiwan? Get in touch with our consultancy today and let us help you unlock MRA Grant support and tailor a winning entry strategy for the Taiwan market.