Having won the league in such dramatic style in the 2011-12 season, City's campaign last year stalled with another early Champions League exit, a second-placed league finish and an FA Cup final defeat to Wigan.
But Kompany is determined to create more history with the club and is hoping that new manager Manuel Pellegrini can continue the success of his predecessor Roberto Mancini.
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"That's why the Premier League is the most competitive league in the world.
"It's not enough to just spend the money, I think a lot of clubs do that.
"It will take something special, but we will just do as much as we can now in the preparations. Buying new players is one thing, but the way we have prepared has been really good so far and we're doing our best to be one of the teams to compete for every trophy."
Pellegrini has brought in a host of new players since taking over the reigns from Mancini, with midfielder Fernandinho, winger Jesus Navas and strikers Alvaro Negredo and Stevan Jovetic bolstering the club's ranks.
The 59-year-old has returned to his native Chile following the death of his mother and Kompany offered his support to his new boss.
He added: "It doesn't only put things in perspective, it's a bit of a reality check.
"Football is more than just the signings, it's about being in a group, being in a family and him, too.
"When he comes back we will make sure there is everything that he can feel at home with us as it's not easy to be so far away from home."