Exhibit 21.1

Subsidiaries of the Registrant

The following are the subsidiaries of Elephant Talk Communications, Inc.:

1. Elephant Talk Europe Holding B.V., a Netherlands entity (wholly-owned subsidiary of the Registrant).

2. Elephant Talk Global Holding B. V., a Netherlands entity (wholly-owned subsidiary of the Registrant).

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).

5. Elephant Talk Communications Holding AG, a Swiss entity (wholly-owned subsidiary of the Registrant).

6. Elephant Talk Communications PRS U.K. Limited, a British entity (majority-owned subsidiary of the Registrant).

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).

10. Elephant Talk Communication Austria GmbH, an Austrian entity (wholly-owned subsidiary of the Registrant).

11. Vocalis Austria GmbH, an Austrian entity (wholly-owned subsidiary of the Registrant).

12. ET-STREAM GmbH, a Swiss entity (wholly-owned subsidiary of the Registrant).

13. Elephant Talk Communications (Europe) GmbH, a Swiss entity (wholly-owned subsidiary of the Registrant).

14. Cardnet Clearing Services B.V., a Netherlands entity (wholly-owned subsidiary of the Registrant).

15. Elephant Talk Communications Premium Rate Services B.V., a Netherlands entity (majority-owned subsidiary of the Registrant).

16. Elephant Talk Communications Italy S.R.L. an Italian entity (wholly-owned subsidiary of the Registrant).

17. Elephant Talk Communications Carrier Services GmbH, a Swiss entity (wholly-owned subsidiary of the Registrant).

18. Elephant Talk Communications Carrier Schweiz GmbH, a Swiss entity (wholly-owned subsidiary of the Registrant).

19. Elephant Talk Communications Carrier Services GmbH Branch, a Swiss entity (wholly-owned subsidiary of the Registrant).

20. Elephant Talk Communications Carrier Schweiz GmbH Branch, a Belgium entity (wholly-owned subsidiary of the Registrant).

21. Elephant Talk Middle East & Africa (Holding) W.L.L., a Bahrainian entity (majority-owned subsidiary of the Registrant).

22. Elephant Talk Middle East & Africa (Holding) Jordan LLC., a Jordanian entity (wholly-owned subsidiary of the Registrant).

23. Elephant Talk Middle East & Africa W.L.L., a Bahrainian entity (majority-owned subsidiary of the Registrant).

24. Elephant Talk Middle East & Africa FZ-LLC,. a Dubhai entity (majority-owned subsidiary of the Registrant).

25. ET Stream Limited, a Hong Kong entity(wholly-owned subsidiary of the Registrant).

26. Full Mark Technology Limited, a British Virgin Islands entity (wholly-owned subsidiary of the Registrant).

27. Jinfuyi Technology Limited, a Chinese entity (wholly-owned subsidiary of the Registrant).