A subsidiary refers to a company that is controlled by another company or actually controls at least 50% of a certain number of shares by another company according to an agreement relative to the parent company. Subsidiaries have independent legal personality, independent name, articles of association and organization, carry out business activities in their own names and independently undertake creditor's rights and debts, but the decision-making power on major issues is usually in the hands of the parent company. A branch is a branch or office of the head office relative to the head office. It is not independent in law and economy, but a subsidiary of the head office. Branches do not have independent legal personality, and conduct business activities in the name of the head office, and their civil liabilities shall be borne by the head office. It can be seen that the company's branches and subsidiaries are different.