By the start of the 17th century merchants from the Dutch Republic had begun to undertake voyages to the ‘Spice Islands’ of the Indian Ocean. This put them in direct competition with established traders from other European nations including Portugal and Britain, both of whom had previously dominated the market.

Due to the high risks for individual investors who mounted these individual voyages, the Dutch government supported the creation of a new umbrella company two years after the establishment of the competing English East India Company. The United East India Company combined the various individual business interests into a single ...