Company: QSEA
Filing Date: 2025-03-12
Form Type: S-1/A
Source: 0001829126-25-001750
Chunk: 223

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-12
Form: S-1/A
Chunk 223
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(meaning our public shareholders have no liability, as members of the Company, for liabilities
of the Company over and above the amount paid for their shares) under the Companies Act.
The Companies Act distinguishes between ordinary resident companies and exempted companies.
Any company that is registered in the Cayman Islands but conducts business mainly outside
of the Cayman Islands may apply to be registered as an exempted company. The requirements
for an exempted company are essentially the same as for an ordinary company except for the
exemptions and privileges listed below:

| ● | annual reporting requirements are                                                                                                   
 minimal and consist mainly of a statement that the company has conducted its operations mainly outside of the Cayman Islands and    
 has complied with the provisions of the Companies Act;                                                                              |
| ● | an exempted company’s register                                                                                                      
 of members is not open to inspection;                                                                                               |
| ● | an exempted company does not have                                                                                                   
 to hold an annual general meeting;                                                                                                  |
| ● | an exempted company may not issue                                                                                                   
 negotiable or bearer shares, but may issue shares with no par value;                                                                |
| ● | an exempted company may obtain an                                                                                                   
 undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance); |
| ● | An exempted company may register by                                                                                                 
 way of continuation in another jurisdiction and be deregistered in the Cayman Islands;                                              |
| ● | an exempted company may register as                                                                                                 
 a limited duration company; and                                                                                                     |
| ● | an exempted company may register as                                                                                                 
 a segregated portfolio company.                                                                                                     |

“Limited Liability” means that the liability
of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances,
such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which
a court may be prepared to pierce or lift the corporate veil).

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Cayman Islands Tax Considerations

The Cayman Islands currently levies no taxes on individuals
or corporations based upon profits, income, gains or appreciation and there is no taxation in the nature of inheritance tax or estate
duty. There are no other taxes likely to be material to the Company levied by the Government of the Cayman Islands except for stamp duties
which may be applicable on instruments executed in, or, after