Adrian Campos celebrated a "very special day" on Friday after his team was included on the entry list to compete in Formula 1 in 2010.
The Spaniard, a former grand prix driver, will run the Campos Meta 1 team alongside Jose Ramon Carabante, with headquarters in Madrid and Valencia.
The team will use a chassis designed by Italian constructor Dallara and Cosworth engines after securing a three-year deal with the company.
Campos said his goals for the first season would be modest.
"It's a very special day," Campos told a news conference in Madrid. "We will be on the grid with a lot of dignity.
"I have been in this sport for 30 year. It's basically what I have done my whole life. Six years ago we tried, but when I talked about it with Ecclestone he said 'rubbish'. However, now he has given me his full backing, and I want to thank him and Max Mosley."
He added: "I'm not thinking about winning races, but about being in the top ten to generate income. Now it's time to work hard and think about this prize that we have been given."