Independent states record company values (8)
I believe the answer is:
emirates
'independent states' is the definition.
(an emirate is a type of state or country)
'record company values' is the wordplay.
'record company' becomes 'EMI' (British record label).
'values' becomes 'rates' ('rate' can be a synonym of 'value').
'emi'+'rates'='EMIRATES'
(Other definitions for emirates that I've seen before include "Territory of independent rulers in the Islamic world" , "United Arab -------, Gulf state" , "Arab lands" , "in the airline business" , "Federation of Arab states" .)