If the corporation wants to delegate management of its organizational affairs to someone else, it can issue a procuration. A procuration is a power of attorney that enables the holder to perform on behalf of a corporation. A formal procuration can be used to extend control of the attorney, allowing someone to address the company and its legal issues in front of regulatory agencies and judicial officers. You can designate a natural individual or a private corporation as your nominee.

This power can be given to a set of people such that it can only be used by that group of people. The procurator may not distribute, lend, or grant the authority to represent the company to anybody else without special approval. The procuration must be permitted in writing for the procuration owner to defend the corporation in courtrooms and governmental entities.

Requirements 

Only with a particular declaration of intent can the Legislative Council authorize the procurement. Multiple people can receive joint procurements at the same time. In this case, at least two people with exclusively collective authorized duties must be appointed as a joint prosecutor. To register the procurator, the company must submit the essential documents and the request form, and the state fee to the authorities. Necessary documents include the personal details of the broker, his educational background, his duties, a task that he is not obligated to perform, and information about how much authority the prosecutor holds in company matters.  

When supplying physical copies of documents, it’s critical to double-check the signatures on the request form KR5. Signatures can be sworn notarized or verified in the Orphan’s Court.

Change in procuration

If the procurer’s information changes or the contract’s value increases, the Organization Record should be updated. 

Only the registration form KR18 must be filled if the specific circumstances of a prosecutor with a personal code granted by the Republic of Latvia change, and the State fee must not be paid.

When supplying papers in written format, it will be necessary to verify the council directors’ signatures on the petition form KR18 if a change in the contract value is requested. The Management Panel’s signature will not be notarized on any requests for modifications to the Prosecutor’s confidential information.

Fees 

The Mandatory payment is made before filing a request for approval. The certification can only be completed if the company register has confirmed that the administration charge has been paid to the Treasury fund. 

The State charge can be paid two days before the online or postal filing by wire transfer to any bank.

Reasons to change the procurator information on the register: 

Any changes in the name or personal information of the procurator have changed. The procurator might have changed his contact number or shifted to another house. He might have gotten married, or maybe he received another educational degree. These factors can make the company change the information on the company registry too. Following are the reasons why the person might want to change the procurator information on registration data: 

Change in procurator fees

If the company has decided to increase the pay of the procurator or the agent himself has requested for the case that the company has approved, the company must inform the officials and make changes in the registry data. 

Change of procurator

If the company plans to fire the existing procurator and hire a new one, they will have to inform the registration authorities. In this case, the company may have to file for registration from the start. The company would submit the request application with all personal and professional details of the agent they are planning to hire. The registration fee must also be submitted.