Company: SEAH
Filing Date: 2025-11-24
Form Type: F-1/A
Source: 0001213900-25-113788
Chunk: 160

Company: Seahawk Recycling Holdings, Inc.
Filing Date: 2025-11-24
Form: F-1/A
Chunk 160
---
 tax resident in the BVI with respect to any shares, debt obligations or other securities of the Company. Except to the extent that we have any interest in real property in the BVI, all instruments relating to transactions in respect of the shares, debt obligations or other securities of the Company and all instruments relating to other transactions relating to the business of the Company are exempt from the payment of stamp duty in the BVI. There are currently no withholding taxes or exchange control regulations in the BVI applicable to the Company or its shareholders. There is no income tax treaty or convention currently in effect between the United States and the BVI or between Japn and the BVI. 111 British Virgin Islands Economic Substance Legislation The BVI, together with several other non -EuropeanUnion jurisdictions, has introduced legislation aimed at addressing concerns raised by the Council of the European Union (the “EU”) as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect from January 1, 2019, the Economic Substance (Companies and Limited Partnerships) Act, 2018 (the “ES Act”) came into force in the BVI introducing certain economic substance requirements for in -scopeBVI entities which are engaged in certain “relevant activities”, which in the case of companies incorporated before January 1, 2019, will apply in respect of financial years commencing June 30, 2019 onwards. On March 12, 2019, the EU, as part of this ongoing initiative, announced the results of its assessment of the 2018 implementation efforts by various countries under its review. The BVI was not on the announced list of non -cooperativejurisdictions, but was referenced in the report (along with 33 other jurisdictions) as being among countries requiring adjustments to their legislation to meet EU concerns by December 31, 2019 to avoid being moved to the list of non -cooperativejurisdictions. Based on the ES Act currently, the Company may remain out of scope of the legislation or else be subject to more limited substance requirements. Although it is presently anticipated that the ES Act will have little material impact on the Company or its Operating Entity’s operations, as the legislation is relatively new and remains subject to further clarification and interpretation, it is not currently possible to ascertain the precise impact of these legislative changes on the Company. 112

UNDERWRITING Under the terms and subject to the conditions of an underwriting agreement dated the date of this prospectus, the underwriters named below