More than 630 businesses were asked to vote on setting up the BID, which plans to raise £2.5m to spend on projects to boost the city centre over the next five years.
Overall, 79 per cent of those who took part in the ballot voted in favour of the BID.
The vote represented 85 per cent of the total rateable value of the properties owned and managed by those who voted.
Under the BID regulations, more than 50 per cent of those who take part in the ballot, representing more than 50 per cent of the total rateable value, need to support the scheme for it to go ahead.
Ian Ward, chairman of the BID development board, said: “This is a fantastic result for the BID team who have put in a massive amount of work over a period of almost two years to get to this point.
“But, more importantly, this is fantastic news for Bradford. We’ve said from the start that the city should have had a BID in place years ago and our survey of local businesses a year ago supported that.”
Sandy Needham, chief executive of Bradford Chamber, said: “The BID will bring together some money, true collaboration and additional activity that could make a real difference to Bradford.”
The BID team will now start the process of establishing it as a legal entity, a company limited by guarantee.
It will take around a month to establish the operating board, appoint a BID manager and set up an office. The BID expects to begin work in the new year.