London merchants had presented a petition to Queen Elizabeth I for permission to sail to the Indian Ocean soon after the defeat of the Spanish Armada in 1588.

Permission had been granted, and on April 10, 1591, three ships had sailed from Torbay around the Cape of Good Hope to the Arabian Sea on one of the earliest English overseas Indian expeditions.

One of them, Edward Bonaventure, then sailed around Cape Comorin to the Malay Peninsula and returned to England in 1594.

In 1596, three more ships had sailed east but all had been lost at sea.

Three years later, on September 22, 1599, another group of merchants meets and states their intention "to venture in the pretended voyage to the East Indies (the which it may please the Lord to prosper), and the sums that they will adventure", committing £30,133.

Two days later, on September 24, "the Adventurers" reconvened and resolved to apply to the Queen for support of the project.

Although their first attempt had not been completely successful, they had nonetheless sought the Queen's unofficial approval to continue, bought ships for their venture and increased their capital to £68,373.

The Adventurers convene again a year later.

This time they succeeded, and on December 31,  1600, the Queen grants a Royal Charter to "George, Earl of Cumberland, and 215 Knights, Aldermen, and Burgesses" under the name, Governor and Company of Merchants of London trading with the East Indies.

For a period of fifteen years the charter awards the newly formed company a monopoly on trade with all countries east of the Cape of Good Hope and west of the Straits of Magellan.

Any traders in breach of the charter without a license from the company are liable to forfeiture of their ships and cargo (half of which goes to the Crown and the other half to the company), as well as imprisonment at the "royal pleasure".

The governance of the company is in the hands of one governor and twenty-four directors or "committees", who make up the Court of Directors.

They, in turn, report to the Court of Proprietors, which appoints them.

Ten committees report to the Court of Directors.

According to tradition, business is initially transacted at the Nags Head Inn, opposite St Botolph's church in Bishopsgate, before moving to India House in Leadenhall Street.

The Company, along with the Dutch and French counterparts that soon follow, will contend with the Iberians for the domination of world trade as exploration and colonization proceeds apace.