A 100,000-euro (£86,000) cash-prize is being awarded for the best plan on how Britain could leave the European Union.
The 'Brexit Prize' has been created by the Institute of Economic Affairs (IEA), a free-market think tank, in the run up to a proposed referendum on the UK's membership of the EU.
Entrants are asked to explore the constitutional process of a withdrawal and how the UK can best position itself in the world outside the single market.
The prize will be judged by a panel including former chancellor Nigel Lawson and historian David Starkey.
Submissions can come from individuals and corporate bodies such as consultancy and law firms, with initial entries up to 2,500 words.
Competitors are asked to examine: "What measures does the UK need to take in the following two years, domestically, vis-a-vis the remaining EU, and internationally in order to promote a free and prosperous economy?"
The award follows on from the Wolfson Prize that offered £250,000 for the best explanation of how a country could leave the single currency.
The prize was won by a team headed by economist Roger Bootle, also a judge in the Brexit competition.
"Now that we have been promised an in-out referendum on Britain and the EU in 2017, it is essential that this momentous decision is preceded by a well-informed debate," Lord Lawson, chair of the judging panel, said.
The second-place entry will be awarded a prize of €10,000, and third-place granted €5,000.
The deadline for submission is September 16 with the winner expected to be announced in March 2014.
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