A royal license to participate in the African Slave Trade, given to any individual or group of any nationality, in the form of a contract to import a specified number of slaves in return for a royalty payment for each one sold, first issued in 1513, and widely available from 1514.
In 1550 the asiento became the monopoly of small group of merchants. From the late 17th century asientos were granted to foreign joint stock companies: first to Portuguese companies, then in 1685 to the Dutch, in 1702 to the French, and from 1713 to 1739 to the British South Sea Company. Many slaves were imported illegally, mostly from foreigners, particularly Dutch, French, and British ships trading outside the asiento and by Cubans trading directly with Jamaica and Saint Domingue, while the asiento itself provided a cover for contraband in other goods. In attempt to end such loss of revenue, the Spanish government created its own chartered companies, such as the Compañía de Comercio de la Habana, early in the 18th century.
