The East India Company’s presence and ongoing trade in Persia was reliant on the privileges outlined in the Farmān, granted after the capture of Hormuz in 1622. The relationship between these two powers was cemented in the rights enshrined in the Farmān, which was used by both to regulate their varying needs and expectations over the course of 125 years. This article explores the Company’s records of the Farmān and how changes to its terms were viewed from both sides. As a Persian document, the Farmān gives a clear view of the attitudes of native officials and rulers to the Company and how these terms were used as a means of control.