A Spanish team run by former grand prix driver Adrian Campos submitted an entry for the 2010 Formula One championship on Friday, minutes after the application window opened.
The Campos Meta 1 team said in a statement that it had lodged the entry request at five minutes past midnight local time. The closing deadline is 29 May.
No details were given about the commercial partners.
Formula One's governing body, the International Automobile Federation (FIA), has said it intends to allow three new teams into Formula One next season when a £40million budget cap will be in place.
More than 10 new teams have expressed an interest so far, with the decision due on 12 June.
The regulations could yet be changed, however, with five existing teams including champions Ferrari refusing to accept them and threatening to walk away unless they are rewritten.
FIA president Max Mosley and the Formula One Teams Association (FOTA), chaired by Ferrari president Luca di Montezemolo, were due to meet at the Monaco Grand Prix later on Friday.
