A report in The Telegraph says that Fox, an actor best-known for starring in the TV drama Lewis, has raised more than £1m, including sums from former Tory donors.
Fox is apparently hoping to stand dozens of candidates for his new party, provisionally called “Reclaim”, at the next general election.
It has been set up to provide a political movement for people who are “tired of being told that we represent the very thing we have, in history, stood together against”.
Papers are due to be submitted to the electoral register this week.
In a statement, Fox said: “Over many years it has become clear that our politicians have lost touch with the people they represent and govern.
“Moreover, our public institutions now work to an agenda beyond their main purpose. Our modern United Kingdom was borne out of the respectful inclusion of so many individual voices.”
He said that Britain is in “desperate need” of a new political movement that “promises to make our future a shared endeavour, not a divisive one. This is now my endeavour”.
A Westminster source told The Telegraph that the party was “basically a Ukip for culture”.
Among the party’s main objectives is “to preserve and celebrate our shared national history, cultural inheritance and global contribution”.
Fox was initially best-known as the star of TV drama Lewis, which ran between 2006 to 2015.
He has enjoyed a number of minor roles in films including Becoming Jane, which starred Anne Hathaway and James McAvoy. He most recently appeared in this year’s Netflix drama, White Lines, which received mixed reviews.
In January this year, Fox appeared on the BBC’s Question Time where he made headlines after he refuted claims that the media’s treatment of the Duchess of Sussex was racially motivated.
He said the row was “boring” and claimed: “It’s not racism. We’re the most tolerant lovely country in Europe.”
In an April interview with The Sunday Times, Fox revealed that his appearance had caused a row with his brother-in-law, actor, comedian and writer Richard Ayoade, after Fox begged him to support his stance on social media.
Ayoade, who is half-Nigerian, was reportedly furious at this, and told Fox: “You have never encountered racism.”
Fox responded: “Yeah, of course I have. I’ve encountered racism from black people towards me, when I was working in Kenya [as a safari driver] for seven months. It’s the way you’re spoken to — racism can be deferential.”
Asked by the interviewer what he meant by the idea that “racism can be deferential”, Fox answered: “This is why you don’t get actors involved in chats like this. Because I’m just not smart enough to do it.”