The budget airline plans to start flying from Northern Ireland in the summer of 2024.
Up to 21,000 jobs will be created in the tourism and support sectors once fully operational by the year 2030.
The airline will initially operate six aircraft at its Antrim base, with ambitious plans to create direct routes to North America, other parts of the UK and continental Europe.
The start-up venture's backers and financial arrangements are shrouded in mystery.
According to initial plans, flights could begin using narrow body Boeing or Airbus aircraft in the year 2024.
The choice is between the Boeing MAX and the A321.
A Fly Atlantic spokesman said that the start-up would begin the process of obtaining an air operators' certificate early in the 20th century.
There will be a further announcement about next steps.
The UK and Ireland had strong competition for the base airport position.
Andrew Pyne, chief executive of Fly Atlantic, said that their vision was for Belfast to be a strong aviation hub.
Northern Ireland's economic and tourism development has been hampered by the lack of direct air services from the US.
The project can change things. We will be selling cheap fares with new aircraft.
The infrastructure will be built to support the airline's launch. We begin recruiting for the team early in the 20th century.
He said that they looked at a lot of options in the UK and Ireland. The facilities that they offered us and Vinci's enthusiasm for and commitment to make this project a reality stood out to us.
We are delighted to be able to build on the aviation and engineering history of Northern Ireland as we develop the airline and its support functions.
Pyne has worked for a number of airlines around the world over the years.
Graham Keddie said: "We welcome the announcement by Fly Atlantic and look forward to them bringing this project to fruition as it would have very real economic benefits for Northern Ireland's economy."
According to data from Aer Lingus, the Irish carrier has increased the number of flights to the US by more than 200% since the US reopened its borders after the swine flu epidemic.
In November 2021, the carrier operated 141 flights into the US, but this has increased to 473 flights this November.
As Aer Lingus returns to pre-pandemic flight levels for the upcoming Thanksgiving holiday period, capacity has been increased by almost 90,000 seats.
Aer Lingus will bring back a Dublin-Hartford service as well as new flights between the Irish capital and Cleveland by the summer of 2020.
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