In the history of English/British imperialism, there are quite a few examples of colonies set up by chartered companies. For instance, the Virginia company establishing Virginia colony, the East India Company progressively taking over the subcontinent of India.
Were the efforts at colonial expansion always financed and authorized directly by the Spanish crown, or were there private ventures established in Spain to establish trade/colonies for the profit of investors?
Same question regarding Portugal.
Spain’s international commerce endeavors began nearly a century before the British East India Company was even established, so the Spanish Empire operated in a completely different economic climate. Initially, the Crown was very concerned about instituting direct control over the Indies and famously maintained a strong monopoly over New World trade for much of the colonial period. As a result, no chartered private companies existed because exploration, conquest, and trade was all controlled by the Spanish Crown and the Church. The Spanish Crown issued complex monopolies to cities, merchants, and religious organizations to carry out its operations in the New World. The system was also decentralized, so contraband and corruption cut into its efficiency. Following the humiliating terms of the Treaty of Utrecht that ended War of Spanish Succession, it was clear to everyone within the empire that Spanish policies would need to modernize to keep up with the British, French, and Dutch.
As part of the Bourbon Reforms, Spain chartered several companies modeled after British companies. The Royal Company of Guipúzcoa (Compañía de Guipúzcoa de Caracas) controlled the production of tobacco and cacao in Venezuela. It was run by Basque merchants and quickly gained control over the local economy, proving wildly unpopular among local planters who rapidly fell into debt. Another was the Royal Company of the Philippines, chartered to maintain a monopoly of Asiatic trade. The company was chartered several times but never managed to remain profitable for long. The most powerful chartered organization was the Royal Havana Company, established in 1740. The company had a monopoly in Cuba over exporting agricultural products and importing European manufactured goods. They were allowed to sell high quality tobacco, sugar, and hides in Spain, and in return, the company had to use its massive profits to help defend the Caribbean against foreign powers, pirates, and smugglers by paying for a shipyard in Havana and the ships-of-the-line that it produced. The company provided 10 million pesos per year to the Spanish Crown in taxes, reduced illegal trading, and improved imperial defense (Spain’s navy made up of ships from the Havana shipyard defeated the British in the American Revolution, though only after Havana shockingly fell to the British in the Seven Years’ War); however, the Royal Havana Company was not particularly popular since many Cubans were used to receiving much higher prices for their goods through the contraband trade.
The Spanish Crown granted charters in the peripheries (as opposed to Mexico and Peru), so the companies never seriously challenged the royal convoy system. As J.H. Elliott explains in his book Empires of the Atlantic World, “the companies were only allowed to trade with marginal regions of America, like Venezuela, which were not directly supplied by the transatlantic convoys, the Andalusian monopoly--considered essential for the retention of control over the silver remittances--remained largely intact” (232). Allan Kuethe and Kenneth Andrien have a different take on why the convoy system continued. They argue in The Spanish Atlantic World in the Eighteenth Century: War and the Bourbon Reforms that all Bourbon reforms, including the establishment of royal companies, had to overcome 250 years of deeply entrenched economic traditions. As a result, interest groups like merchants in Cádiz and Veracruz resisted sudden major economic reforms that seemed to weaken their traditional rights and power. Consequently, reforms were gradual and varied around the empire. In the peripheries, there were fewer powerful interest groups that could prevent change, though locals continued to undermine the companies by selling their goods to smugglers at higher prices. Eventually, the Crown moved against all of these monopolies by implementing free trade between many ports in the New World. Britain countered by opening several of their ports to Spanish ships to continue profiting from contraband. At this point, the French Revolution and Napoleon disrupted everything and caused the collapse of the whole system.
Here, I think we must consider the contingency of independence. Prior to the Latin American revolutions, many in the Spanish Empire expected drastic change to colonial economic policies. These reforms had frequently been interrupted by war, but the Bourbon monarchy had instituted modest free trade reform and more was expected. Since events that led to independence were so spontaneous, there is no telling how these reforms might have played out or if they would have led to the rise of other private companies.
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Well actually Portuguese opened their own charter company late in 1628 called Portuguese East India Company, however it was nowhere near the Northern European companies it was based upon, and the Portuguese crown was the only major shareholder. It was underfunded and under-capitalized, and it closed already in 1633.
That does not mean there weren't private financed ventures (but they were all authorised by the crown, usually through granting of monopolies). Most of the early exploration of West Africa was basically such a private venture. Albeit not capitalistic but more feudal and medieval in nature.
The early period of expansion was done under Infante Henrique (Henry the Navigator) as leader of the military-monastic Order of the Christ (ex Templars). Yes he was Royal Family, but he functioned in legally independent capacity. He funded the expeditions by the Order (either by their own money or by going into debt to another lord, Duke of Braganza for example) In this capacity he requested and received a "Doação" by king Duarte to colonize or assume control of Madeira in 1433 and Azores in 1449 (he was one of the principal actors in their development even before). The Doação "included power to distribute land to settlers, full civil and criminal jurisdiction (with the usual exception of cases involving punishment by death or mutilation), the authority to appoint subordinate officials, the usufruct of taxes and tributes and a monopoly of mills and ovens." It was a usual decree to be given by Portuguese kings during Reconquest period. So in a way it is a colony, and a typical feudal holding at the same time. But after this, usually crown kept direct control of the key areas, such as Arguim and Sao Jorge da Mina and Indian ports.
Prince Henry also had the monopoly on all trade beyond Cape Bojador since 1443 to his death in 1460. But it is wrong to assume that only his ships could sail, they just had to clear it with him first and pay some tax. Many more private ventures were trading up along West African coast, and rarely one funded by the crown itself.
After his death, monopoly reverted to the crown, and in 1469 was given / sold for a duration of 5 years to another private person Portuguese nobleman Fernao Gomes. However he was also attached as a nobleman to the household of king Afonso V, so it's a question how independent he was. He also had to discover, explore, and chart 100 leagues of African coast every year of the contract, which he did, and probably more.
Now to skip a bit to 1500s and reaching of India. Because of the distance Portuguese were sending ships in yearly Armadas, the first one being the Vasco Da Gamas. But already in the second one in 1500, out of 13 total ships, two were privately funded vessels. One owned by Count of Portalegre, which was demaged and had to return to Lisbon early, and one owned by Duke of Braganza, financed by the Florentine Lisbon based Bartolomeo Marchionni.
The third Armada, which sent out before news of the 2nd Armada even reached Portugal, out of total of 5 ships, 2 were privately funded, by Duke of Braganza and Marchionni. This armada even carried a private "factor". A factor or agent was a person in command of a factory ("freitoria") a sort of settlement / commercial entity in overseas ports, with mission to buy spices and stockpile them throughout the year for the ships to pick up. Usually factors and factories were appointed by the Crown, but this particular trip had a private one to work for a private consortium.
Fourth Armada also had 3 Italian funded ships, out of 20 which went.
To conclude a bit about the later periods, since 1500 to 1570s Portuguese trade of spices with India and Africa was managed through a office called Casa de India, which had monopolies on certain items, and could and sometimes would for a fee, grant those monopolies to private parties. But I am not familiar with the details and the nature of them, or this period