The budgeted capital of 1,500,000 pesos could not be covered, even though the subscription for shares - with a nominal value of 500 pesos each - remained open until December 1733, when just over 700,000 pesos was raised, an amount contributed in cash and in kind (ships, European goods to be sold in the colony, etc.). Nevertheless, the men of the Consulate had d that, to begin the Venezuelan adventure, 502,500 pesos would be sufficient.
An analysis of the list of shareholders reveals three groups: a) merchants from San Sebastián, its Consulate, and the surrounding Gipuzkoa region; b) merchants based in Cádiz, directly linked to the Company's agent in that city, Santiago de Irisarri; and finally, c) people residing at Court, primarily those from Navarre whose business and family relationships were masterfully captured by Julio Caro Baroja . There was also another group who were also interested in the new company, although they do not appear on the list of shareholders. These included some French, Dutch, and Flemish merchants. This was confirmed by the various representations at Shareholders' Meetings held by some of those in attendance.
The amount of contributions from the various shareholders varied greatly, with the Gipuzkoa core group acquiring the most shares. The five directors contributed money, goods, and ships. The Cadiz merchants acquired shares containing goods to be sold in the colony. The group of Navarrese residents in Madrid contributed money, although their stakes were substantial, though not as high as those of the San Sebastian merchants. The king, for his part, ed interest with 200 shares, although his payment was not made and was instead covered by the fees the Company owed in Cadiz. The San Sebastian Consulate and the Province of Gipuzkoa also acquired shares as proof of their support for the commercial project.
The financial policy followed by the Company, considering that it had not achieved the capital budgeted at its founding, was to increase the company's fund to consolidate it. For this reason, its managers were reluctant to distribute all the profits obtained in each fiscal year, at least during the first few years, which were the most profitable. This explains why, with high reserves, the desire to increase the capital to three million pesos was expressed at the Shareholders' Meeting in 1749. Following these guidelines, at the Shareholders' Meeting in 1751, the "doubling" of shares was announced, without disbursement, or, in other words, with a charge to the abundant accumulated reserves. In this way, the "paid-up" capital rose to just over 1,400,000 pesos. Also on the same date, the issue of new shares was opened to residents of Caracas and Maracaibo, reaching 1,547,000 pesos. In 1766, a new capital increase took place, also charged to reserves.
In addition to shareholder contributions, the Company relied on credit from the outset to provide liquidity. This policy of raising funds outside the corporate structure resulted in savings for the Company, as the interest it had to pay was generally lower than the dividend it distributed to its shareholders. To raise funds, the Company relied on various agents or representatives in Pamplona, Vitoria, and Zaragoza, in addition to direct action in San Sebastián, Madrid, and Cádiz.