This paper analyses how the progressive autonomy of the capital used to arrange the treasure fleets from Seville to America derived in a real chartered company, a precedent of today's joint-stock company, when the Crown finally privatised it through the asientos de avería. The parallelism among the asientos and the companies were so noticeable that the public officers appointed by the Count-Duke of Olivares to study the foreign companies couldn't detect any difference between both institutions.