Airwael Malaysia is described as a cross between a budget and a high-end carrier.
The airport has a new terminal and a runway that can accommodate a Boeing 747.
Airwael Malaysia Director Luke Adam Mitchell said the airline was expected to fly by the end of October - just in time for the high season on Phuket - once negotiations between Airwael and the government were concluded.
He said the airline has partnerships with aviation firms in the US, Australia, Germany and India, and would include the state as a stakeholder once the deal had been sealed.
The tagline is said to be the somewhat familiar ''Everyone Can Fly First-Class At An Affordable Price.''
The airline aims to link long-haul and regional destinations, including Phuket, Medan, Bangkok, Bali, Chennai, Goa, Macau, Mumbai, Hong Kong, Shanghai, Kunming, Dubai, Abu Dhabi, Bali and Brisbane.
Ten Airbus F320s, three Learjet aircraft and a fleet of VIP helicopters would be used once the airline service had been launched, Mr Mitchell said.
Phuket is already an appealing destination for Malaysian tourists but many simply make weekend or day-trips across the border into Thailand's southern provinces.
A direct low-cost link to Phuket by air from Malaysia's east coast would broaden Phuket's appeal.