Former SAS Group operator Aerolineas de Baleares (AeBal) is to rebrand as Quantum Air and relocate its headquarters from Palma de Mallorca to Madrid.
The airline's operating base, however, will remain at Palma.
Quantum Air will adopt a new livery and operate five Boeing 717 aircraft, a fleet which - under AeBal - it had leased for Spanair operations.
The carrier was acquired last month by ex-Aerolineas Argentinas president Antonio Mata, and has received a capital increase of €29 million ($37 million).
Quantum Air plans to continue operating wet-lease flights for third parties, potentially picking up business from the collapse of Palma-based Futura International Airways last September.
Mata has suggested that scheduled flights are an option for the carrier but no formal business plan has yet been disclosed.