A firm that builds a wholly-owned subsidiary from the ground up is building a:

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A greenfield venture is a wholly-owned subsidiary that is built from scratch, without acquiring or merging with an existing company. This involves a significant investment in resources and time, as the subsidiary must establish its own operations, infrastructure, and market presence. A franchise involves a contractual agreement with another party to use their brand and business model, typically with ongoing support and fees. A licensing arrangement allows one party to use another party's intellectual property or technology, often for a fee or royalty. A turnkey operation involves acquiring an existing business that is fully equipped and ready to operate, often with existing staff and customers.

A Firm That Builds a Wholly-Owned Subsidiary from the Ground