Doug Richard, 57, has been charged with three counts of sexual activity with a 13-year-old child.
He has also been charged with one of causing or inciting a child to engage in sexual activity, reports BBC News.
The Crown Prosecution Service said the alleged offences took place on 2 January 2015 and related to one victim, a girl who was aged 13 at the time.
In a statement issue through his lawyers, Doug strongly denied the claims made against him.
He said: "I absolutely deny the allegations made about me.
"It would be inappropriate to comment further given that the police are at a very early stage of their investigation."
Caroline Hughes, the Crown Prosecution Service London reviewing lawyer, said: "Having completed our review, we have concluded that there is sufficient evidence and it is in the public interest for Douglas Richard to be charged."
Doug Richard is now due to appear at City of London Magistrates' Court on 5 October.
The American-born businessman, who lives in London with his wife and three children, took part in the first two series of the BBC show alongside Peter Jones, Simon Woodroffe, Rachel Elnaugh and Duncan Bannatyne.
He has also served as a business adviser to the government, working alongside Prime Minister David Cameron between 2008 and 2012.