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>How the Act affects companies that are not based in the UK=
The Act gives Ofcom the powers they need to take appropriate action against all companies in scope, no matter where they are based, where services have relevant links with the UK. This means services with a significant number of UK users or where UK users are a target market, as well as other services which have in-scope content that presents a risk of significant harm to people in the UK.
Nice trick, UK. Vote yourself whatever powers you want. That won't hold water anywhere else. Note the Achilles' Heel phrase, "with the agreement of the courts," which betrays the reality of this Orwellian threat to freedom of speech worldwide.