In 1590, at the time when Hans and Paul (II) Berenberg founded their business, there were around 1,000 Dutch people living in Hamburg. The city experienced an economic upturn in which this refugee group played a significant role. Besides craftsmen there were in particular experienced financiers and traders amongst them.

The Berenberg brothers, who ran a cloth trading and general import and export business, were clearly ambitious and successful. In 1594 their names are to be found in the collection list of the Dutch Poor Fund, an institution which still exists today for the support of comrades in need. At the beginning of the 17th century 32 of the 42 businesses recording more than 100,000 Deutsche Mark turnover were of Dutch origin. The Berenberg brothers were fifteenth and sixteenth on the list.

The Dutch in Hamburg were initially subject to certain restrictions. As such it was forbidden for foreigners to do business with other foreigners within the city boundaries. Many Dutch thus became citizens of the city, a step which Hans and Paul (II) Berenberg however were not prepared to take. In 1604 the Council issued a more liberal decree which now permitted foreigners free trade in new luxury goods, for example Rheinland wines, Hungarian copper, indigo, elephant teeth or spices.

A short while later the foreign traders were given the same rights as the citizens of Hamburg – Hamburg pursued a quite pragmatic form of politics.