ASIC's Specification
V557: The ABN must match that of the registered business name on ASIC's records
Cause
When lodging a Form 205 – Notification of Resolution for a Company Name Change, you may receive the V557 validation error where:
- The new company name is an existing registered business name, and
- The ABN recorded does not match ASIC’s business name records.
How to resolve the validation error
Confirm the ABN Details
First, verify that the ABN matches the registered business name by completing a search using the ATO ABN Lookup.
- If the ABN does not match, update the details accordingly before re-lodging.
- If the ABN does match the business name shown on the ABN Lookup, proceed with the workaround below.
The Workaround
- Prepare Form 205 – Notification of Resolution again.
- For the Question "Is the proposed name identical to a registered business name?" leave the toggle as No.
- For the Question "Would you like the name change to be manually reviewed by ASIC?" Change the toggle to Yes.
- Enter the ABN in the Manual Review details section.
Once completed, select Save and Prepare Documents and lodge the updated Form 205.