Former People's Action Party (PAP) MP Tan Cheng Bock confirmed yesterday that his political party has been formally registered.
In a Facebook post, Dr Tan, 78, said the last step before launching the Progress Singapore Party is to submit its party symbol for formal approval.
Submission of the party symbol is possible only after the party has been formally registered, he added.
"I will let you know when the time comes so that you can celebrate with us," he wrote.
According to the Registry of Societies' website, the party was registered last Thursday.
Chinese-language newspaper Lianhe Zaobao reported on Sunday that it is believed the party will hold a meeting in the coming week to discuss its future plans.
"It has been a long journey for us and I thank all in my team who have worked so hard to make it possible," Dr Tan said in his Facebook post yesterday.
He added that in recent days, he has received words of encouragement from Singaporeans while out having breakfast.
He said: "It is little acts like these that spur us to keep pressing on for the good of our country and our people."
Dr Tan had applied to register the Progress Singapore Party on Jan 16.
In a Facebook post on Jan 18, he said that the new party comprises 11 other "like-minded Singaporeans".
Dr Tan entered politics in 1980 and was a six-term MP for the former single-seat constituency of Ayer Rajah before retiring in 2006.
In 2011, he contested a four-way presidential election, but narrowly lost to PAP-backed candidate Tony Tan Keng Yam.
Choo Yun Ting