Meghan Markle, Prince Harry confirm new foundation name, reveal launch will come when 'the time is right'

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Meghan Markle and Prince Harry have revealed the name of a new foundation they plan to launch when the time is right.

The Duke and Duchess of Sussex have been working on a charitable foundation named Archewell — a name they say has a special tie to their son, Archie.

The Telegraph first reported that the couple, who recently relocated from Canada to Los Angeles, Calif., filed paperwork in the United States for a nonprofit organization named Archewell, that will provide both education and emotional support among other services.

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Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex attend The Endeavour Fund Awards at Mansion House on March 5, 2020 in London, England.

Prince Harry, Duke of Sussex and Meghan, Duchess of Sussex attend The Endeavour Fund Awards at Mansion House on March 5, 2020 in London, England. (Samir Hussein/WireImage)

In a statement provided to Fox News, Meghan and Harry explain their upcoming charitable organization derived from the Greek word "arche" which means "source of action."

"We connected to this concept for the charitable organisation 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," the statement reads.

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Prince Harry and Meghan Markle are opening up about the meaning behind their son Archie's name.

Prince Harry and Meghan Markle are opening up about the meaning behind their son Archie's name. (Toby Melville/Pool/Samir Hussein/WireImage)

While the trademark application has reportedly been filed, the couple hinted that they are in no rush to roll out its launch due to the coronavirus pandemic.

"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 shared.

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Britain's Queen Elizabeth II, and Meghan the Duchess of Sussex and Prince Harry watch a flypast of Royal Air Force aircraft pass over Buckingham Palace in London.

Britain's Queen Elizabeth II, and Meghan the Duchess of Sussex and Prince Harry watch a flypast of Royal Air Force aircraft pass over Buckingham Palace in London. (AP)

"We look forward to launching Archewell when the time is right," the statement concludes.

On March 31, the Duke and Duchess of Sussex officially closed their office in Buckingham Palace and stepped back as senior members of the royal family.

One day prior, the duo announced the suspension of their Sussex Royal Instagram account.

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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," they captioned the post highlighting community.

"Thank you to this community — for the support, the inspiration and the shared commitment to the good in the world. We look forward to reconnecting with you soon. You’ve been great! Until then, please take good care of yourselves, and of one another," it concluded.