Company: SDAWW
Filing Date: 2025-04-28
Form Type: 20-F
Source: 0001213900-25-036086
Chunk: 155

Company: SunCar Technology Group Inc.
Filing Date: 2025-04-28
Form: 20-F
Item: Item 10
Chunk 155
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 for an ordinary company
except that an exempted company:

  does not have to file an annual return of its shareholders with the Registrar of Companies;                                                                                                           
  is not required to open its register of members for inspection;                                                                                                                                       
  does not have to hold an annual general meeting;                                                                                                                                                      
  may issue shares with no par value;                                                                                                                                                                   
  may obtain an undertaking against the imposition of any future taxation (such undertakings are usually given for 20 years in the first instance);                                                     
  may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;                                                                                                
  may register as a limited duration company; and                                                                                                                                                       
  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 that shareholder’s shares of the company (except in exceptional circumsta...  

C. Material Contracts

Material Contracts Relating to the Business Combination

The
description of the Merger Agreement is included in the Form F-4 in the sections entitled “Proposal No. 1 - The Reincorporation
Merger Proposal”, which is incorporated herein by reference.

D. Exchange Controls

There are no foreign exchange
controls or foreign exchange regulations under the currently applicable laws of the Cayman Islands.

E. Taxation

The current PRC Enterprise
Income Tax Law (the “ EIT Law”), and the implementation regulations for the EIT Law issued by China’s State Council,
became effective as of January 1, 2008. Under the EIT Law, enterprises are classified as either resident or non-resident enterprises.
An enterprise established outside of China with its “de facto management bodies” located within China is considered a “resident
enterprise,” meaning that it can be treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. The
implementing rules of the EIT Law defines a “de facto management body” as a managing body that in practice exercises “substantial
and overall management and control over the production and operations, personnel, accounting, and properties” of the enterprise;
however, it remains unclear whether the PRC tax authorities would deem our managing body as being located within China. Due to the relatively
short history of the EIT Law and lack of applicable legal precedents, the PRC tax authorities determine the PRC tax resident treatment
of entities organized under the laws of foreign jurisdictions on a case-by-case basis.

If the P