The Scottish side will kick off its debut season in the Third Division under a new title after shareholders approved the plans in a meeting.
Following the club's well-documented financial troubles, it is now owned by Charles Green and will start the new season in Division Three.
Before then the team faces a trip to Brechin, in the Ramdens Cup, its first competitive fixture since the takeover and before the game the new owner spoke about the current situation at Ibrox.
"The process that took place today is the penultimate piece of the jigsaw that will see The Rangers Football Club move forward, with the transfer of SFA membership being the final piece," Green told the club's official website. "As every fan knows, Rangers is Rangers - it always has been and it always will be. The club still has its 140 years of history and we are now embarking on the next 140 years.
"We are back playing football and the board is focused on rebuilding this great club over the next few years. Our fans were fantastic on Sunday at Brechin and their support at Ibrox and away from home this season will be instrumental in helping the team achieve the success we all desire."
The Glasgow side has completed the signing of Dean Shiels and Ian Black as it looks to prepare for life at the foot of Scottish football.
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