Sir Alan Sugar is due to take up his seat in the House of Lords.
The Apprentice star will don ermine in the traditional ceremony a day before Parliament breaks up for its summer recess.
Sir Alan, 62, was awarded his peerage by Prime Minister Gordon Brown when he named him as the Government’s enterprise tsar last month.
He will advise the PM, but will not become a minister.
Sir Alan stepped down from all of his company directorships at the start of this month, in order to avoid any conflicts of interest in his new role.
The multi-millionaire has also been dropped from advertisements to promote apprenticeships and premium bonds because of Cabinet Office guidelines that prevent political figures from taking part in Government advertising.
His appointment sparked a row over the next series of The Apprentice, which is expected to coincide with the general election during spring next year.
Conservatives said he should no longer be allowed to present his high-profile BBC1 show as a signed-up Government adviser, but the corporation insisted his new role would not ‘compromise the BBC’s impartiality’.