The timing does not imply the LGBT's support of a poll date delay, as demanded by anti-government protesters, the organisers said.
Its co-founders argue the idea of having their own voice in parliament is still taking shape and they need to go through the registration procedures.
"We cannot do it in time for Feb 2," party co-founder Chumaporn Taengkliang told a meeting of members of the LGBT community Saturday.
The party will be named the Sexual Orientation, Gender Identity and Expression Rights Party, or the SOGIE Rights Party (SRP).
Politically, its advocates say the party can draw members from both the pro- and anti-Thaksin camps.
It could help take Thailand beyond the coloured conflict between yellow-shirt and red-shirt supporters, Pongthorn Chanlearn, director of the anti-HIV and Aids advocacy group M Plus, said.
Socially, the party expects to push laws to ensure equal treatment for people of all sexes, especially the LGBT whose status is still not widely accepted in society, said party co-founder Patcharee Sae-eaw.
Among LGBT issues is a call for gay couples to have the same legal rights as married heterosexual couples.
Rights advocates have campaigned for a law to grant legal status to gay couples, though a recent government-sponsored survey found about 60% Thais dislike gay marriage.
That is why the SRP is needed, to "awaken other politicians to the importance of issues regarding sexual diversity", Mr Pongthorn said.
The party aims to deal mainly with LGBT issues, but that does not mean it will ignore other problems.
"We have to look at other issues for general people, too. We have to tackle these issues together," said Warakorn Bhibhathana, an LGBT advocate from the Rainbow Sky Association of Thailand.