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you can add and remove them at will.
if you click on the rade zone it tells you if a trade company can be formed there
i suspect you are not in a trade company region . Some refions are trade company , some colonial , some neither
once you get 50% trade in a trade company zone you get a new merchant , thats what you want
Because the institutions that you've embraced will begin to tick up the moment you colonize it, and by adding it to a trade company will halt all embraced institution spread.
Noted, institutions can still be spread from adjacent provinces or specific requirement is meant, e.g. colonialism from owning colonial nations, printing press if the provinces are protestant or reformed, etc.