Plans for Portugal to set up a new monopolized company has been proposed by Duarte Nunez in 1654 and Manuel de Costa Pessoa in 1671.
[1]: 292 After years of bureaucratic debates, the Portuguese monarchy established the Company of Cacheu and Rivers and Commerce of Guinea in 1675.
The Cape Verde residents had a large degree of autonomy, with the only exception of being prohibited to deal with foreigners.
[1]: 293 Such amends to the company's regulations were mainly the doing of Cape Verde governor at the time, João Cardoso Pissaro [pt].
The company's first captain-major, Antonio de Barros Bezerra, served for four years before being arrested for corruption and illegal trade with foreign ships, but was acquitted.