Yoursphere will be free to anyone joining for the first month, following which a subscription fee of £3.50 per month or £27.50 per year will be charged to help pay for the safety system in place.
The site will be free of direct advertising, but will seek to create links with brands to support sponsorship activity through the sites social hubs or "spheres" and its scholarship and mentorship programme.
One of the key features of the site is its youth-only zone, which is available to young people up to the age of eighteen.
features social hubs or "spheres" that are designed to support members' interests including fashion, film, music, gaming, academics, art and photography and TV.
Young people are encouraged to create their own spheres, upload photos and videos and enter competitions.
Yoursphere plans to go further than other social networking sites to actively protect children from predators by using security measures that exceed the Children's Online Privacy Protection Act and Federal Trade Commission Guidelines for protecting children online.
Safety features include a CEOP Report Abuse Button, which links to Childline, offering members direct access to help and advice should they need it.
A security service, provided by NetIDme, also verifies parent's identity and seeks verifiable parental consent and children below the age of 13 can only "friend" those within a three year age range.
Yoursphere has also teamed up with anti-bullying charity Beatbullying to create an army of CyberMentors who will be on hand to offer members help and advice on cyberbullying should they need it.
The site plans to give members rewards and educational opportunities like scholarships, internships and mentorships through its Create Your Future programme.
Yoursphere, which launched in the US in late 2008, is due to launch in the UK on March 24 and will be rolled out across Ireland, Australia and New Zealand later in the year.
Mary Kay Hoal, Yoursphere founder, said: "Young people want space to be themselves without the risk of being targeted online or constrained by concerned parents breathing down their neck.
"The safety standards within Yoursphere mean that parents can feel at ease when their child is networking online and it is a fun and rewarding place where children can feel free to hang out with friends and share interests."
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