The Second Virginia Charter was ratified to bolster the administration of the Virginia colony. This charter expanded the territory governed by the Virginia Company, maxing out its resources and governance structure to allow for improved management and operations of its colonies in North America. The official ratification included provisions that permitted the company to establish a more defined governing structure, enhancing local leadership. New territories, including parts of present-day North Carolina and beyond, were recognized, encouraging more settlements and expansion. By granting the Company increased autonomy from the Crown, the charter was instrumental in promoting company-sponsored colonization efforts.

The charter was ratified by the English monarch, King James I, signifying royal approval for the ambitions of the Virginia Company. Importantly, the document spurred interest from investors back in England and promised potential wealth from the New World, including lucrative markets for crops like tobacco. With increased land and resource rights, the Virginia Company initiated efforts to attract settlers, leading to a more robust framework for population growth in the colony.

This charter served as a crucial stepping stone for the Virginia Company, which helped shape early governance structures for other American colonies. The enhanced autonomy allowed the settlers to create their own societal norms and practices that differed from those in England, setting a precedent for the future development of self-governing principles in the colonies.