The Horizons project has already helped two dozen acts since 2014 - with radio airplay and UK festival appearances.
"Supporting new music is at the heart of what the BBC does across the whole of the UK, and internationally," said BBC Music's Jason Carter.
Bands and solo artists have until 12 February to apply.
"We're proud to support Horizons for a further year and see another 12 artists have a creative and potentially career changing 2016," said the Arts Council's Lisa Matthews.
"There's been some incredible opportunities created so far and we're looking forward with excitement to more incredible music experiences."
Solo artist Violet Skies said the 2015 project had meant a "mad year" for her.
She said: "I've been lucky enough to tick off a lot of things from my musical bucket list - The Great Escape, Festival No.6, SÅµn, Maida Vale and now, I'm looking forward to Eurosonic and SXSW festival in 2016.
"It's been a lovely little Welsh family of talented musicians and a really good support team - it's nice to turn up at festivals or a show knowing you have people there to help you."

Angus MacColl was victorious at the solo competition, which was held at Blair Castle in Perthshire.
To win the accolade, Mr MacColl performed against nine of the best pipers in the world.
The competition was in its 42nd year, with Mr MacColl winning the event for the fourth time.
He said: "All competitors are part of a close knit community where we often get to compete in various piping competitions.  As a result, we each know just how tough competing in the Glenfiddich Championship is going to be.
"Everyone has worked and competed hard to earn their place here, therefore to win amongst such talent is an incredible honour."
The Glenfiddich Piping Championship was established in 1974 to bring together the world's finest pipers.
Competitors are invited to compete having won prestigious accolades at other piping events during the past year.

The watchdog is working with social media and leafleting every household about signing up.
It has backed Facebook's new "life event" feature enabling people to tell friends they have registered to vote.
The ballot on 18 September will ask the "Yes/No" question: "Should Scotland be an independent country?"
More than 4.1m people had registered to vote by 10 March 2014, according to the Commission's most recent figures.
Those eligible to vote in Scotland include British, Irish and all other EU citizens as well as Commonwealth citizens.
For the first time in the UK, the minimum voting age in the referendum has been lowered to 16.
On 18 September millions of voters in Scotland will be able to decide whether their country should become independent. But how do voters register and then cast their ballot? BBC Scotland reporter Andrew Black takes you through the steps in this interactive guide.
The Electoral Commission says that people must register to vote by 2 September.
Scottish Facebook users who visit the social network site over the next few weeks will see posts in their newsfeed about an interactive referendum guide from the commission.
Facebook politics and government specialist Elizabeth Linder said: "Millions of people from all walks of life use Facebook in Scotland, and have turned to Facebook in recent weeks to share their views on the independence debate.
"But participating in the debate online isn't enough to get your opinion counted on September 18.
"If you're not registered, you can't vote. It's that simple.
"We hope that by enabling millions of people in Scotland to see this guide in their Facebook newsfeed, more people will know how to cast their ballot and have their say."
As well as targeting young voters, the Electoral Commission is targeting other groups who are less likely to be registered to vote, including students and the homeless.
Alex Robertson, director of communication at the commission, said: "We're working hard to make sure we reach all potential voters with our information campaign but we don't want to take any chances.
"We're asking people to help spread the word and make sure that no one misses out on having their say.
"We've produced lots of resources that people can use to do this.
"They are free to use and anyone can get them from www.aboutmyvote.co.uk or by calling our helpline on 0800 3 280 280."
A scheme to help new Welsh bands get wider exposure is set to return for a third year, backed by BBC Wales and the Arts Council of Wales.
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A piper from Oban has won the prestigious Glenfiddich Piping Championships.
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The Electoral Commission is intensifying efforts to encourage people in Scotland to register to vote in next month's referendum.