Clive Palmer wants his newly-registered party to contest all seats at the next federal election.
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The Australian Electoral Commission has approved the controversial businessman's application to go by the United Australia Party.
Mr Palmer, the federal MP for Fairfax from 2013-16, previously formed the Palmer United Party.
The mining magnate claims the "re-establishment" of a UAP, which former prime ministers Robert Menzies and Joseph Lyons once served under, was a "significant milestone" in Australian political history.
"For the first time Australia has real choice instead of the duopoly that Liberal and Labor have created by voting together to keep other alternatives out of the federal parliament," Mr Palmer said.
"We have very strong membership and interest in our party and have formally opened nominations for all 151 lower house seats and all Senate positions.
"We are a party made up of genuine Australians who want to serve the country, to change the course of history and steer in a bright new era for Australia."
In June, NSW senator Brian Burston announced he was quitting One Nation to join Mr Palmer's party.
Australian Associated Press
