The joint-stock company, commonly abbreviated as JSC, is a public legal entity, meaning its shares can be publicly traded. Similar to a limited liability company, the liability of JSC shareholders is also limited by the capital contributed.

Authorized Capital
The minimum capital amount for JSC is EUR 35,000 and this amount must be paid in full upon registration of the company. For certain legal entities such as insurance companies, banks and other non-bank financial institutions, the minimum share capital amount can be much higher.

Shareholder of the company
Similar to a limited liability company, company shares can be owned by both legal and natural persons. But unlike a limited liability company, JSC shares can be bought and sold publicly. The maximum number of shares is unlimited and additional shares can be issued during the life of the company. There are different types of shares and usually the voting and dividend rights of the shareholders depend on the category of shares. Typically, shareholders have the right to express their opinion on the management of the company and other issues such as profit distribution and council appointments. All shareholder decisions are made during a shareholders' meeting.

A council elects and dismisses the members of the board of directors. The Board of Directors is the executive body of the company. Unless otherwise stated, all board members represent the company collectively and decisions are made by voting. Only a private person can be a board member.

Documents needed for JSC formation in Latvia
In order to register a company in Latvia, the following documents must be submitted to the Business Register of the Republic of Latvia:

Application form for company formation;
agreement (or decision in the case of a sole shareholder) to form a company;
articles of incorporation of the company;
Bank reference confirming deposit of share capital;
Directory of the register of founders of the company;
confirmation by the works council;
Confirmations of the board members of the company;
Resolution on the legal address of the company signed by a member of the board of directors;
Resolution on permission to register the company at the given address (signed by the owner of the property);
Proof of payment of state taxes for company incorporation;
Receipt of payment for a publication in the official newspaper "Latvijas Vestnesis"

JSC formation process in Latvia
Incorporating a JSC in Latvia is a complex legal process that requires the involvement of experienced corporate lawyers or incorporation agents. JSC formation generally consists of the following steps:

Gathering of all the necessary information and documents for starting a business;
preparation of incorporation documents for incorporation of a company;
signing of the incorporation deeds (at the notary);
Opening a temporary bank account into which the share capital is paid;
Payment of government fees for company formation and publication in the Official Gazette;
Submitting the articles of incorporation to the business register of the Republic of Latvia;
When the company is registered, you will receive the following documents:

certificate of registration;
articles of incorporation;
Decision of the State Notary of the Business Register of the Republic of Latvia
Reporting to the tax office
JSC is required to submit its annual accounts once a year, and a report on the salaries of the company's employees is required to be submitted every month. If the company's turnover exceeds EUR 50,000, it is obliged to register as a VAT payer. This is also necessary if the company plans to export goods or services abroad. If a company is registered as a VAT payer, it must submit monthly VAT reports.

https://www.confiduss.com/en/jurisdictions/latvia/business/company-formation/