Prince Harry and Meghan Markle have announced they are launching a new charitable foundation named Archewell.
The couple said they "look forward" to getting started with the foundation, which will replace their Sussex Royal brand.
The pair also have plans to include their own charity as well as a website, as part of their new venture.
Harry and Meghan also revealed the Greek word in the project Arche – meaning source of action – was the inspiration behind the name of their son Archie Mountbatten-Windsor.
Further details about the organisation have been delayed due to the Covid-19 pandemic.
The couple said an announcement will be made "when the time is right".
Their plan comes just one day after the Queen addressed the UK regarding the coronavirus pandemic.
The Telegraph has previously reported that paperwork regarding their new brand was filed in the United States last month and the couple are considering how to create their own charity and volunteering services.
Plans also include a wide-ranging website and sharing "education and training materials" via films, podcasts and books, according to the newspaper.
In response to the Telegraph, the duke and duchess said they were focusing their efforts on the coronavirus pandemic but felt "compelled" to reveal details of the venture.
"Like you, our focus is on supporting efforts to tackle the global Covid-19 pandemic but faced with this information coming to light, we felt compelled to share the story of how this came to be.
"Before Sussex Royal, came the idea of Arche – the Greek word meaning source of action.
"We connected to this concept for the charitable organisation we hoped to build one day, and it became the inspiration for our son's name. To do something of meaning, to do something that matters.
"Archewell is a name that combines an ancient word for strength and action, and another that evokes the deep resources we each must draw upon.
"We look forward to launching Archewell when the time is right."
The couple moved to Los Angeles with baby Archie to start their new life after they were forced to choose between financial independence or remaining as working members of the royal family.
But it has since been revealed that Meghan has not seen her mother Doria Ragland since the family moved, as they have been in isolation at their new home.
The Duke and Duchess of Sussex are continuing to isolate themselves at a secluded mansion in a private gated community with baby Archie after moving from Vancouver Island, Canada, earlier this month.
They have so far been unable to visit Meghan's 63-year-old mother as a result of the coronavirus epidemic.
A source told the Sun on Sunday: "Meghan is absolutely heartbroken - after all, one of the main reasons she decided to live in LA was to be near her mum.
"Because of her age, Doria obviously has to be careful and Meghan and Harry are sticking rigidly to all formal guidelines when it comes to coronavirus.
"They've been WhatsApping and FaceTiming almost daily but obviously it's not the same."
The source went on to say that Meghan, 38, will now be using much of her free time to focus on her philanthropic causes after she and Harry, 35, officially stepped down as senior working royals earlier this week.
It is thought that the couple are continuing to look for their forever home in the affluent area of Malibu.
The couple had previously been made to change their Sussex Royal brand after the Queen and senior officials were said to have ordered them to drop the use of the word "royal".
Last week, they bowed out of the royal family with a final post on their official Sussex Royal Instagram account, which will now remain inactive along with their website.
The couple have delayed announcing a new Instagram handle and brand, with a spokeswoman saying they wanted the focus to remain on the global response to the coronavirus pandemic.