So my friends and I started a Free Company for the first time this week. Three of my friends have been playing since ARR launched and I've been playing for almost a month (I mention this because up to this point none of them had bothered to make/join an FC). Anyway, we took the steps to make our FC this past Sunday. It is currently Thursday and our now 6-man FC is Rank 3. We have access to 3 item groups in the Company Chest as well as the ability to make a Company Crest.

Now for the actual question: I'm curious as to what is entailed in Ranking up. Is it based on the levels of progress the members are making in their own games? The reason I thought this may be so is because we achieved Rank 3 the other night as soon as I completed a small miniscule side-quest. Or is there some other factor that the Rank Level Progression is based on? Was just very curious about this.

As always thanks for any answers and help everyone!