Exhibit 21
NATIONAL HOLDINGS CORPORATION
September 30, 2020
The following is a list of subsidiaries of the company as of September 30, 2020, omitting subsidiaries which, considered in the aggregate, would not constitute a significant subsidiary.
| 
			 Subsidiary Name  | 
			
			 State of Incorporation  | 
			
			 Percentage of Voting Securities Owned  | 
			|||
| 
			 National Securities Corporation  | 
			
			 Washington  | 
			100% | |||
| 
			 National Asset Management, Inc.  | 
			
			 Washington  | 
			100% | |||
| 
			 National Insurance Corporation  | 
			
			 Washington  | 
			100% | |||
| 
			 National Tax and Financial Services, Inc.  | 
			
			 Delaware  | 
			100% | |||
| 
			 GC Capital Corporation  | 
			
			 Delaware  | 
			
			 (1)  | 
			|||
| 
			 Prime Financial Services, Inc.  | 
			
			 Delaware  | 
			
			 (1)(2)  | 
			|||
| Winslow Evans & Crocker, Inc. | Massachusetts | 100% | |||
| Winslow Evans & Crocker Insurance Agency, Inc. | Massachusetts | 100% | |||
| Winslow Financial, Inc. | Massachusetts | 100% | |||
| United Advisors, LLC | New Jersey | 100% | |||
| United Advisor Services, LLC | New Jersey | 100% | |||
| Financial Services International Corporation | Washington | 100% | 
| 
			 (1)  | 
			
			 Indirectly wholly owned by our company, 100% owned by National Tax and Financial Services, Inc.  | 
		
| 
			 (2)  | 
			
			 Operations consist solely of collecting trails on historic insurance business. All new business written under National Insurance Corporation  |