Rejection Code V557 - ABN is not that of the business name

Rejection Error

V557: ABN is not that of the business name

This rejection can occur for the following changes

• Registering a new Company using an existing Business Name.
• Lodging a Form 205a (Company Change of Name) when using an existing Business Name.

Checks/updates

• Confirm the ABN entered for the existing Business Name is correct within the ABN Lookup.
• Confirm the following requirements are met depending on who the Business Name holder is:
  • Individual: the individual must be a Director and/or Shareholder of the Company
  • Company (applicant): No additional requirements
  • Company (not the applicant): the Company holding the Business Name must be a Shareholder of the Company.
    Note: Only having the same Officeholders/Shareholders as the applicant does not meet this requirement.
  • Trust: All trustees must be a Director and/or Member of the company, and a copy of the trust deed must be emailed to ASIC at ecr.support@asic.gov.au.
  • Partnership: All partners must be a Director and/or Member of the company
• Ensure the existing Business Name holder's name within the form matches ASIC's record, by reviewing the ABN Lookup. Take notes of the inclusion/exclusion of middle names. If ASIC's record holds the incorrect name, ASIC should be contacted to have the details corrected.
• Once the above has been checked/updated, ensure the form has the option for manual processing selected (this should always be selected when completing either a Company Registration or a Form 205a that involves an existing business name), and include text advising of the connection. For example:
  • "The proposed Company name is an existing Business Name. . The owner of the business name, [Insert name of person/company] [insert ABN], is a [director/shareholder] of the Company" (or "...is the applicant Company" where applicable for a Form 205a).
    Note: In the case of a trust, confirmation that the deed has been emailed to ecr.support@asic.gov.au should also be included.

If the error remains after the above checks/updates have been actioned, the following steps should be taken:

Form 205a

1. Navigate to tab New Company Name
2. Update "Is the proposed name identical to a registered business name" to No
3. Navigate to page Authorisation and Declaration
4. Update "I want this application to be processed manually" to Yes
5. In the text box, enter in the text as advised above.

Company Registration

1. Navigate to tab Company Details
2. Update "Is the proposed company name an existing business name" to No
3. Navigate to tab Ready to Submit
4. Tick the box "I want this application to be processed manually by ASIC"
5. In the text box, enter in the text as advised above.