The scheme, which is open for anyone to enter, invites would-be directors to film a 30-second ad for a fictitious product using a mobile-phone camera.
The prize for the best ad is representation by the production company.
The Paul Weiland Film Company managing director, Mary Francis, said: "The beauty of this competition is that it is not about the quality of the film, it is about bringing great ideas to life - you don't need a big film crew or a big budget to do it, you just need your mobile phone and a great imagination."
The competition is being launched amid growing interest within the advertising community in mobile video. Earlier this year, Leo Burnett used a mobile-phone camera to shoot an ad for the Department for Transport's teen road safety campaign.
The competition lasts for a year and the winner will be notified within two weeks of the 1 November 2006 closing date.
Shortlisted films will be hosted on the company website, www.paulweiland.com, where full details of the competition and entry forms can also be found.