Richards is former boss of the BAR team
British motorsport firm Prodrive has submitted an entry to be part of next year's Formula 1 world championship.
Prodrive has joined US F1, Spain's Campos Racing and Litespeed GP in adding their names to the list of new entrants on deadline day.
The team's Welsh chairman David Richards, ex-BAR team boss, said moves to cut costs had encouraged the team.
"We are confident that we now have the opportunity to be both commercially viable and competitive," he said.
It is understood the team will operate under the Prodrive name for next season and potentially 2011, before switching to Aston Martin branding from 2012.
Formula 1's governing body, the FIA, has been in ongoing negotiations to agree a budget cap of around £40m with the 10 existing teams on the grid, a move partly designed to encourage more teams to enter the sport.
It is believed a cap of £85m has now been set with the proviso current teams offer technical assistance to new entrants to ease their passage into F1 before the cap settles at £40m by 2011.
And Richards, also formerly a boss at Benetton, admitted assistance from the sports governing body had helped make the Prodrive entry possible.
"We are very appreciative of the support we have been given in putting together our entry, not least by both the FIA and FOM (Bernie Ecclestone's Formula One Management)," said Richards.
"With the help of Dar Capital in raising the finance, coupled with our understanding of the latest proposals to assist new teams, we now feel the conditions are right to formally request the FIA for an entry."
Dar Capital is a Kuwaiti finance, logistics and property company that formed the backbone of the Richards-led consortium that paid £600m for a majority stake in Aston Martin in 2007.
"The level of next year's cost cap has risen substantially since we originally considered entering," Richards added.
"However, everyone appears committed to major reductions in future years.
"As we have said all along, we don't want to be in Formula 1 just to make up the numbers."
Teams have until the end of Friday, 29 May, to lodge their bids, and the FIA will announce which teams have been successful on 12 June.
The Lola team, which last competed in F1 in 1993, are also understood to have lodged their entry.