Company: QSEA
Filing Date: 2025-03-11
Form Type: S-1/A
Source: 0001829126-25-001676
Chunk: 221

Company: Quartzsea Acquisition Corp
Filing Date: 2025-03-11
Form: S-1/A
Chunk 221
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 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).

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 execution, brought within the jurisdiction of the Cayman Islands. The Cayman
Islands is a party to a double tax treaty entered with the United Kingdom in 2010 but is otherwise not party to any double tax treaties
that are applicable to any payments made to or by our company. There are no exchange control regulations or currency restrictions in
the Cayman Islands.

Payments of dividends and capital in respect of our
securities will not be subject to taxation in the Cayman Islands and no withholding will be required on the payment of a dividend or
capital to any holder of the securities nor will gains derived from the disposal of the securities be subject to Cayman Islands income
or corporation tax.

No stamp duty is payable in respect of the issue
of our ordinary shares or on an instrument of transfer in respect of such shares. However, an instrument of transfer in respect of our
shares, is stampable if executed in or brought into the Cayman Islands.

The Cayman Islands enacted the International Tax
Co-operation (Economic Substance) Act (2021 Revision) together with the Guidance Notes published by the Cayman Islands Tax Information
Authority from time to time. The Company is required to comply with the economic substance requirements from July 1, 2019 and make
an annual report in the Cayman Islands as to whether or not it is carrying on any relevant activities and if it is, it must satisfy an
economic substance test.

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Income Tax Considerations

The following discussion summarizes certain Cayman
Islands and U.S. federal income tax