Formula One governing body the FIA confirmed new entrant Super Aguri as the sport's 11th team on Thursday.
The Honda-backed outfit gained formal acceptance by the FIA after securing the support of the 10 other teams earlier this month.
It will be the first time F1 has had 11 teams since Arrows folded in 2002.
"Following receipt of the financial guarantee and unanimous support of the competing teams, the FIA has accepted the late entry," said an FIA statement.
Super Aguri's initial application in November was rejected when they failed to deposit a £30m bond, which is repaid in instalments, by the deadline.
"Our team members are doing their best to make sure that we are on the grid in Bahrain"
Super Aguri, fronted by former F1 driver Aguri Suzuki, have taken over the old Arrows factory in in Leafield, Oxfordshire.
And it will initially race four-year-old cars designed by the defunct outfit before introducing their own design later in the year.
Former BAR driver Takuma Sato has been targeted as their first choice, with Yuji Ide, Kosuke Matsuura and former Jordan test driver Sakon Yamamoto all linked with the second seat.
Team principal and founder Suzuki welcomed the new of Super Aguri's acceptance.
"I am thankful for the support we received from all of the other F1 teams and we look forward to seeing them soon," he said in a statement.
"Our team members are doing their best to make sure that we are on the grid in Bahrain - and I am confident that we will make it."