Virginia Company, commercial trading company, chartered by King James I of England in April 1606 with the object of colonizing the eastern coast of North America between latitudes 34° and 41° N. Its shareholders were Londoners, and it was distinguished from the Plymouth Company, which was chartered at the same time and composed largely of men from Plymouth.
In December 1606 the Virginia Company sent out three ships carrying approximately 105 colonists led by Christopher Newport. In May 1607 the colonists reached Virginia and founded the Jamestown Colony at the mouth of the James River. After some initial hardships, the colony took root, and the Virginia Company itself was reconstituted on a broader legal basis. A new charter in 1609 reorganized its governing structure.
In 1619 the company established continental America’s first true legislature, the General Assembly, which was organized bicamerally. It consisted of the governor and his council, named by the company in England, and the House of Burgesses, made up of two burgesses from each of the four boroughs and seven plantations.
Despite increasing prosperity in Virginia over the following years, the company’s role came under attack as internecine disputes among the shareholders grew and as the king himself became offended both by the trend toward popular government in Virginia and by the colony’s efforts to raise tobacco, a “noisome” product of which he disapproved. A petition submitted to the king, calling for an investigation of conditions in the colony, led to a trial before the King’s Bench in May 1624. The court ruled against the Virginia Company, which was then dissolved, with the result that Virginia was transformed into a royal colony.