Prince Harry and Meghan Markle Confirm New Name of Foundation, to Launch 'When the Time Is Right'

Robyn Merrett

Prince Harry and Meghan Markle have confirmed the name of their future foundation, and it has a special meaning.

Harry and Meghan’s foundation, which has not yet been launched, will be called Archewell — a name that shares a connection with their son Archie, who turns 1 on May 6. In a statement obtained by PEOPLE, the Duke and Duchess of Sussex explain how they decided on the name, which predates their son’s name. The news was first reported after The Telegraph obtained paperwork filed by the couple in the U.S.

“Like you, our focus is on supporting efforts to tackle the global COVID-19 pandemic, but faced with this information coming to light, we felt compelled to share the story of how this came to be,” the couple, who officially stepped down as senior royals on March 31, said in the statement.

“Before SussexRoyal came the idea of ‘arche’ — the Greek word meaning ‘source of action,’ ” the couple continued. “We connected to this concept for the charitable organization we hoped to build one day, and it became the inspiration for our son’s name. To do something of meaning, to do something that matters. Archewell is a name that combines an ancient word for strength and action, and another that evokes the deep resources we each must draw upon. We look forward to launching Archewell when the time is right.”

With Archewell — which is still a work in progress as the couple continue to explore educational opportunities — Meghan and Harry hope to create a nonprofit that provides a wide range of charitable services. The paperwork obtained by The Telegraph also includes a number of trademarks for Archewell, which were filed for protective purposes so others cannot use the name.

The confirmation of their new foundation comes after Meghan and Harry recently shuttered their Instagram account, @SussexRoyal.

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“As we all find the part we are to play in this global shift and changing of habits, we are focusing this new chapter to understand how we can best contribute. While you may not see us here, the work continues,” the couple shared in their final Sussex Royal post on March 30.

Despite all the uncertainty surrounding global events, Meghan and Harry “are positive about the future” in America, a royal source previously told PEOPLE.

“It is exciting for them to mark the end of the transition and the official start of their new chapter.”

The couple flew with baby Archie down from their home on Vancouver Island in Canada to California before flights were restricted amid the coronavirus pandemic.

RELATED: Meghan Markle and Prince Harry Have Left Canada and Are Now Settled in L.A.

They are now settling into life in the L.A. area with their 11-month-old son and practicing social distancing.