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In English trading history, the Levant Company, or Turkey Company, was a chartered company formed in 1581, after London merchants petitioned Queen Elizabeth I in 1580 for a charter to begin trading in the Levant exclusively. The company established trade centers, such as the Levant Factory in Aleppo, as well as Istanbul and Smyrna (present day İzmir). Throughout the Company's history, Aleppo served as headquarters for the whole company in the Middle East.

Following Queen Elizabeth, James I confirmed the company's charter in 1606, adding new privileges. During the Civil Wars, some innovations were made in the government of the company, allowing many people to become members who were not qualified by the charters of Elizabeth and James, or who did not conform to the regulations prescribed. Charles II, upon his restoration, endeavored to set the company upon its original basis; to which end, he gave them a charter, containing not only a confirmation of their old one, but also several new articles of reformation.

By the charter of Charles II, the company was erected into a body politic, capable of making laws, etc, under the title of the Company of Merchants of England trading to the Seas of the Levant. The number of members was not limited, but averaged about 300. The principal qualification required was that the candidate be a wholesale merchant, either by family, or by serving an apprenticeship of seven years. Those under 25 years of age paid 25 pounds sterling at their admission; those above, twice as much. Each made an oath, at his entrance, not to send any merchandise to the Levant, except on his own account; and not to consign them to any but the company's agents, or factors. The company governed itself by a plurality of voices.

The company had a court, or board at London, composed of a governor, sub-governor, and twelve directors, or assistants; who were all actually to live in London, or the suburbs. They also had a deputy-governor, in every city and port where there were any members of the company. This assembly at London sent out the vessels, regulated the tariff for the price at which the European merchandise sent to the Levant were to be sold; and for the quality of those returned. It raised taxes on merchandise, to defray impositions, and the common expense of the company; presented the ambassador, which the King was to keep at the port; elected two consuls for Smyrna and Constantinople, etc.

One of the best regulations of the company was not to leave the consuls, or even the ambassador, to fix the impositions on the vessels for defraying the common expenses—something that was fatal to the companies of most other nations—but to allow a pension to the ambassador and consuls, and even to the chief officers—including the chancellor, secretary, chaplain, interpreters, and janissaries—so that there was no pretence for their raising any sum at all on the merchants or merchandises. It was true that the ambassador and consul might act alone on these occasions, but the pensions being offered to them on condition of declining them, they chose not to act.

In extraordinary cases, the consuls, and even ambassador himself, had recourse to two deputies of the company, residing in the Levant, or if the affair be very important, assemble the whole nation. Here were regulated the presents to be given, the voyages to be made, and every thing to be deliberated; and on the resolutions here taken, the deputies appointed the treasurer to furnish the required funds. The ordinary commerce of this company employed from 20 to 25 vessels, of between 25 and 30 pieces of cannon.

The merchandises exported there included cloths of all kinds and colors, pewter, lead, pepper, cochineal, and a great deal of silver, which they took up at Cadiz. The returns were in raw silk, galls, camlets, wools, cottons, marroquins, ashes for making glass and soap, and several gums and medicinal drugs.

The commerce of this company to Smyrna, Constantinople, and İskenderun, was not esteemed much less considerable than that of the East India Company; but was, doubtless, much more advantageous to England, because it took off much more of the English products than the other, which was chiefly carried on in money.

The places reserved for the commerce of this company included all the states of Venice, in the Gulf of Venice; the state of Ragusa; all the states of the "Grand Signior" (the Sultan of Turkey), and the ports of the Levant and Mediterranean Basin; excepting Cartagena, Alicante, Barcelona, Valencia, Marseilles, Toulon, Genoa, Leghorn, Civita Vecchia, Palermo, Messina, Malta, Majorca, Minorca, and Corsica; and other places on the coasts of France, Spain, and Italy.

Membership began declining in the early eighteenth century. The Company was thrown open to free trade in 1754, but continued its activities until dissolution in 1825.

• This article incorporates content from the 1728 Cyclopaedia, a publication in the public domain.

• Chartered companies