The couple also updated their website with further details on the "Spring 2020 transition."
Along with outlining how they plan to live an "independent life as a family", the new statement appeared to reference Princess Beatrice and Eugenie's positions in the Royal Family as a "precedent."
The couple plan to formally step down from their positions as senior members of the Royal Family on March 31st.
Under a section on the website titled "As agreed and set out in January 2020" the Duke and Duchess of Sussex provided more details on their stated aim to become "privately funded members of The Royal Family with permission to earn their own income and the ability to pursue their own private charitable interests."
The statement nodded to other members of the Royal Family who maintain HRH titles while earning money privately:
"While there is precedent for other titled members of the Royal Family to seek employment outside of the institution, for The Duke and Duchess of Sussex, a 12-month review period has been put in place."
The "precedent" could be in reference to Harry's cousins Princesses Beatrice and Eugenie, who have HRH titles and do charity work in their capacity as Royal Family members, but as non 'working royals' have also pursued employment as unfunded members of The Firm.
Princess Beatrice, who is set to marry her boyfriend Edoardo Mapelli Mozzi on 29th May, is Vice President of Partnerships and Strategy at Washington-based firm Afiniti, a company which, according to its official website, "uses data and AI to transform the quality of interpersonal relations."
Beatrice York - as she is known in her company profile - "is responsible for the management of the strategic Afiniti partnerships as well as company growth through unique initiatives and client development."
Princess Eugenie is a director at London art gallery, Hauser & Wirth.
Eugenie told Harpers Bazaar in 2018 that her work includes "supporting artists in the gallery and managing events."
While Beatrice and Eugenie carry out engagements in support of the Queen and the Royal Family, they do not receive any money from the Sovreign Grant.
In 2011, the Princesses also lost £500,000-a-year funding for 24-hour security after a Scotland Yard review - they are now given protection only when they carry out official engagements with the Queen, such as Royal Ascot or the Trooping of the Colour.
Harry and Meghan's new life as independent royals will be closer to that of his cousins, who are ninth and tenth in line to the throne and combine having a private income with charitable work.
Princess Beatrice is global ambassador for Street Child, while Princess Eugenie supports the Royal National Orthopaedic Hospital’s Redevelopment Appeal after undergoing surgery as a child to correct a scoliosis condition.
According to her section on the Duke of York's official website, an accomodation unit at the hospital will be named "Princess Eugenie House" when completed.
However, unlike Beatrice and Eugenie, the Duke and Duchess of Sussex will continue to receive security protection due to the couple's profiles and a "shared threat and risk level."
"It is agreed that The Duke and Duchess of Sussex will continue to require effective security to protect them and their son" the statement reads, "This is based on The Duke’s public profile by virtue of being born into The Royal Family, his military service, the Duchess’ own independent profile, and the shared threat and risk level documented specifically over the last few years."
The Duke and Duchess of Sussex agreed to drop the Sussex Royal branding in a statement after the Queen reportedly deemed its use "untenable."