The season will run from February to June, actual dates yet to be released. In order to host a competition you need two adjoining sims. The actual competition sim can be a homestead sim, but the adjoining sim will need to be a full sim. This is in order to accommodate the spectator stands and all the wonderful people that are competing, watching and supporting the surfers. If you only own one sim, it is possible to rent a sim from Linden Labs for 3 days.
If you are interested check out the requirements and apply!