Group structure affects much more than corporate housekeeping. It determines which entity signs with customers, which entity holds licences, where intellectual property sits, where liabilities accumulate, and whether the group can be explained clearly to banks, regulators, investors and counterparties.

For that reason, group company management is often a strategic exercise rather than a filing exercise. The question is not simply how many entities the group has. The question is whether those entities are doing the right jobs, and whether the paper structure matches the commercial and operational reality.