Any organization controlled by another with more than 50 percent of its whose voting capital held by the latter. A company that has more than half of its voting shares owned by another company (the parent company). A firm that is owned and ultimately controlled by another firm. Thus a multinational corporation has a parent in once country and one or more subsidiaries in others. A foreign-based affiliate that is separately incorporated entity under the host countryÃ¢Â€Â™s law.