Agree when English record company is set up (6)
I believe the answer is:
accede
'agree' is the definition.
(acceding is a kind of agreeing)
'english record company is set up' is the wordplay.
I cannot quite understand how this works, but
'english' could be 'e' (abbreviation) and 'e' is found within the answer.
'record' could be 'cd' (compact disc) and 'cd' is found within the leftover letters.
The remaining letters 'ace' is a valid word which might be clued in a way I don't understand.
This explanation may well be incorrect...
'when' acts as a link.
(Other definitions for accede that I've seen before include "Assume" , "Agree or enter into office" , "Allow, acquiesce" , "'Acquiesce, defer (6)'" , "Allow, give consent" .)