Following the demise of HRT at the end of 2012, only 11 teams contested this year's championship, but the governing body are keen to see 24 cars on the grid once again in the coming seasons.
Potential new entrants have until Friday 3rd January 2014 to register their interest with the FIA's Secretariat, together with with an initial administration fee of $5,000.
"The FIA has decided to open a new selection process to identify a candidate team to participate at a competitive level in the FIA Formula One World Championship from the start of the 2015 or the 2016 season up to 2020 inclusive," a statement on their website read.
"The overall long-term interests of the Championship will determine which candidates are selected."
The FIA revealed applicants will then be judged on:
a) The technical ability and resources of the team;
b) The ability of the team to raise and maintain sufficient funding to allow participation in the Championship at a competitive level;
c) The team's experience and human resources;
d) The FIA's assessment of the value that the candidate may bring to the Championship as a whole.
The governing body plans to announce any new team on 28th February 2014, but in the event that "no candidate is deemed suitable by the FIA and the commercial rights holder, no additional team will be selected".
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