The company will start operations by releasing its own production Wristcutters: A Love Story and teaming with Tartan Films to release Funny Games.
Coen has enlisted UK veteran Martin Myers to run distribution and Nick Leese to handle marketing on the new venture which plans to release an average of six films a year from 2008, representing a mixture of Halcyon productions and pick-ups.
Wristcutters starring Shannyn Sossamon and Patrick Fugit, which was in competition at Sundance, opens in the UK in October after its August release in the US by After Dark Films.
Funny Games was produced by Coen and Tartan chief executive Hamish McAlpine and is still in post-production in Paris and Vienna.
Warner independent Pictures is handling the US release of the film, a shot for shot remake in English of Haneke's seminal 1997 film which stars Naomi Watts, Tim Roth and Michael Pitt.
Coen said that he felt he had not participated sufficiently in the revenues generated by his previous productions, hence his decision to move into distribution. He said he had access to P&A funds for the distribution operation.
Halcyon Pictures is currently a developing a group of films including Highway 61, a comedy directed by Luke and Jeremy Jackson and starring Tobin Bell which is currently shooting in Utah.
Also on the slate is action thriller Bank Robber Diaries which will be directed by Dexter Fletcher and star David Morrissey, Mark Strong, Tom Hardy, Kevin McKidd, Charlie Cox and Jason Flemying.
Silky Pink written and directed by Steve Shill is being sold here by The Little Film Company and is currently being cast; Single Shot is to be directed by Matthew Saville from the book by Matthew F Jones, and Fyodor is a biopic about the life of Fyodor Dostoevsky.