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'.
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