The question that immediately arises is why it was established in San Sebastián, who its promoters were, and what its objectives were. San Sebastián was the main headquarters of the Caracas Company until 1752, because the men of the city's Commercial Consulate were the true driving forces behind the company. Founded in 1682, the San Sebastián Consulate had to seek commercial space for its merchants from the outset, given that wool and iron trade with Europe had practically disappeared from its port, in favor of Bilbao. Regarding its name "Guipúzcoana," this was in response to the support it received from the Provincial Juntas from the outset, and as such, Felipe de Aguirre was sent to the Court to manage the Province's . The result of these negotiations with the Secretary of State, José Patío, was the Royal Charter of its foundation. The support of the Juntas also took the form of the appointment of a commission to draft the Company's operating regulations, once royal permission for its establishment had been granted. This commission was made up of: Juan Francisco de Munibe e Idíquez , Count of Peñaflorida; Juan Raimundo de Arteaga y Lazcano, Marquis of Valmediano; José de Arezaga y Corral ; and Francisco Ignacio de Lapaza y Zarauz . This is why traditional literature has claimed, erroneously in this case, that the Guipuzcoana de Caracas Company was founded by the Count of Peñaflorida and others. What can be stated is that they collaborated in its founding.
Although it was considered a privileged company, that is, to trade exclusively with the province of Caracas, this exclusivity was granted in 1742, when, in the midst of the war against the English (war known as "Jenkins' Ear"), the Guipuzcoana provided great assistance to the armies fighting in the Caribbean. It was precisely during this war that Blas de Lezo , also a shareholder in the Caracas company, distinguished himself by the defense of Cartagena de Indias and other strongholds on the Caribbean coast. The granting of exclusivity with Caracas trade meant that the Company could trade without any competition. Furthermore, in the 1950s, the privilege was extended to trade with Margarita and Cumaná.