Monteiro, who has been racing for SEAT in the WTCC championship, will lead the project alongside businessman Jose Manuel Guedes and Edmar Monteiro, who has been Tiago's manager during his career.
The team, renamed Ocean Racing Technology, will now be the first Portuguese squad to compete in GP2.
"This is a step I have always wanted to make in my professional career but I would have never imagined taking it this early," said Monteiro, a former Jordan and Spyker F1 driver.
"We had the opportunity and we worked on the financial aspect of the project, then we started negotiations.
"The management of a race team is fascinating because not only do you need to have a good knowledge of what can happen on track but you also need to have some skills in the business. The GP2 Series is the ideal platform because it is very close to Formula One.
"Its popularity and competitiveness is on the rise. After careful consideration we think this project could be a springboard that is perfectly adapted to our ambition of promoting Portuguese motorsport beyond its frontiers."
Monteiro, 32, said the team were already in negotiations with several drivers.
"The team is under construction but our organization will soon be complete," he added. "We are gathering a group of professionals who have to have a bank of knowledge and quality because we are well aware the GP2 Series is one of the most competitive championships.
"We are hiring people we know, who have proved they're good at what they're doing in F1, GP2 or other international championships. The GP2 Asia series will be a warm up for the Main Series where we will operate with the full team. We have a lot of work ahead of us but the motivation is as big as this project is as we know it is a very important one.
"We know the identity of the drivers is something people would like to know. I can simply tell you that there is no obligation for them to be Portuguese even though it is a possibility. At this step of the team's construction, the most important thing is to make the right choices."
The team said they will soon announce where they will be based from now on, with the Technological Park of International Motor Racing in Algarve one of the possibilities.
"We have carefully studied several sites and it is clear the International Autodrome of Algarve offers all the conditions to host a GP2 team and that it is a powerful tool perfectly adapted to its needs," said Guedes.
"But our structure is diverse and our people come from various countries and several other sites could be potential candidates. The finale decision will be made over the next few days."
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