It is in the very early stages, but they are in talks with numerous industry figures as they search for backers and partners.
The business will be a traditional advertising agency with a view to expanding into other advertising streams.
Since leaving AMV in July, the pair have been letting out an office at Clemmow Hornby Inge while working on numerous freelance tasks and putting their business plans together.
During this time, they have also been linked with a host of creative jobs. Roberts said: "It is still early stages and there are a few ifs and buts, but this was definitely our intention when we left AMV. There seems to be a lot of opportunity at the moment for smaller independents. However, a lot of ideas we have for the company could be subject to change."
The pair are famed for producing high-quality print work. While at AMV, they scooped a Campaign Gold Award for Best Poster Advertising Campaign for their work on The Economist's "red on white" series, which included posters such as "light bulb", "purple" and "Brains".
Before joining AMV, Belford and Roberts worked at Ogilvy & Mather.