**Exhibit      21.1 **

**Subsidiaries      of the Registrant **

| 1. | Elephant                Talk Europe Holding B.V., a Netherlands entity (wholly-owned subsidiary                of                the Registrant). |
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| 2. | Elephant                Talk Global Holding B. V., a Netherlands entity (wholly-owned subsidiary                of the Registrant). |
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| 3. | Elephant                Talk Limited, a Hong Kong entity (wholly-owned subsidiary of the                Registrant). |
|----|----------------------------------------------------------------------------------------------------------------------|

| 4. | Elephant                Talk Communications France S.A.S., a French entity (wholly-owned                subsidiary of the Registrant). |
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| 5. | Elephant                Talk Communications Holding AG, a Swiss entity (wholly-owned subsidiary                of                the Registrant). |
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| 6. | Elephant                Talk Communications PRS U.K. Limited, a British entity (majority-owned                subsidiary of the Registrant). |
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| 7. | Elephant                Talk Communications Luxemburg SA, a Luxemburg entity (wholly-owned                subsidiary of the Registrant). |
|----|------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Elephant                Talk Business Services W. L.L.i.o. a Bahrainian entity (wholly-owned                subsidiary of the Registrant). |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Elephant                Talk Communications SLU., a Spanish entity (wholly-owned subsidiary                of the                Registrant). |
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| 10. | Elephant                Talk Communication Austria GmbH, an Austrian entity (wholly-owned                subsidiary of the Registrant). |
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| 11. | Vocalis                Austria GmbH, an Austrian entity (wholly-owned subsidiary of the                Registrant). |
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| 12. | ET-STREAM                GmbH, a Swiss entity (wholly-owned subsidiary of the                Registrant). |
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| 13. | Elephant                Talk Communications (Europe) GmbH, a Swiss entity (wholly-owned subsidiary                of the Registrant). |
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| 14. | Cardnet                Clearing Services B.V., a Netherlands entity (wholly-owned subsidiary                of                the Registrant). |
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| 15. | Elephant                Talk Communications Premium Rate Services B.V., a Netherlands entity                (majority-owned subsidiary of the                Registrant). |
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| 16. | Elephant                Talk Communications Italy S.R.L. an Italian entity (wholly-owned                subsidiary of the Registrant). |
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| 17. | Elephant                Talk Communications Carrier Services GmbH, a Swiss entity (wholly-owned                subsidiary of the Registrant). |
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| 18. | Elephant                Talk Communications Carrier Schweiz GmbH, a Swiss entity (wholly-owned                subsidiary of the Registrant). |
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| 19. | Elephant                Talk Communications Carrier Services GmbH Branch, a Swiss entity                (wholly-owned subsidiary of the                Registrant). |
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| 20. | Elephant                Talk Communications Carrier Schweiz GmbH Branch, a Belgium entity                (wholly-owned subsidiary of the                Registrant). |
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| 21. | Elephant                Talk Middle East & Africa (Holding) W.L.L., a Bahrainian entity                (majority-owned subsidiary of the                Registrant). |
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| 22. | Elephant                Talk Middle East & Africa (Holding) Jordan LLC., a Jordanian entity                (wholly-owned subsidiary of the                Registrant). |
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| 23. | Elephant                Talk Middle East & Africa W.L.L., a Bahrainian entity (majority-owned                subsidiary of the Registrant). |
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| 24. | Elephant                Talk Middle East & Africa FZ-LLC,. a Dubhai entity (majority-owned                subsidiary of the Registrant). |
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| 25. | ET                Stream Limited, a Hong Kong entity(wholly-owned subsidiary of the                Registrant). |
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| 26. | Full                Mark Technology Limited, a British Virgin Islands entity (wholly-owned                subsidiary of the Registrant). |
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| 27. | Jinfuyi                Technology Limited, a Chinese entity (wholly-owned subsidiary of                the                Registrant). |
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