No, there are two types of subscription, entry and standard. The entry subscription is designed for people who either know they only want a single character on a server with a potential maximum of 8 characters spread across 8 servers, this is aimed at people who are not sure if they want to commit to the game or want to try it out for a while with a single character. The standard subscription is the one that is assumed to be for most people, you can have up to 8 characters per server and up to 40 total characters across all servers.

If you have the entry level sub it simply won't let you create more than one character per server.