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Prince Harry and Meghan Markle have announced the name of their new charity and well-being website, which they plan to launch after the COVID-19 hysteria dies.

The royal couple’s foundation will be called Archewell — a name that has a special meaning and also shares a connection with their son Archie, who turns 1 on May 6.

In a statement obtained by PEOPLE, the Duke and Duchess of Sussex explain how they decided on the name.

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“Like you, our focus is on supporting efforts to tackle the global COVID-19 pandemic, but faced with this information coming to light, we felt compelled to share the story of how this came to be,” the couple, who officially stepped down as senior royals on March 31, said in the statement

“Before SussexRoyal came the idea of ‘arche’ — the Greek word meaning ‘source of action,’ ” the couple continued. “We connected to this concept for the charitable organization we hoped to build one day, and it became the inspiration for our son’s name. To do something of meaning, to do something that matters. Archewell is a name that combines an ancient word for strength and action, and another that evokes the deep resources we each must draw upon. We look forward to launching Archewell when the time is right.”

With their Archewell non-profit, Meghan and Harry hope to provides a wide range of charitable services.

READ ALSO: Meghan Markle And Prince Harry Say Farewell To ‘Sussex Royal’ Instagram Account, Website

Days before their official royal duties came to an end, Meghan and Harry bid farewell to their Instagram account, @SussexRoyal.

“As we all find the part we are to play in this global shift and changing of habits, we are focusing this new chapter to understand how we can best contribute. While you may not see us here, the work continues,” they said in their final IG post on March 30.

Meanwhile, Meghan and Harry “are positive about the future” in America, a royal source previously told PEOPLE, as they now settle into life in Los Angeles.

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