It is very common for company applications to be initially rejected by ASIC for a variety of reasons. This article highlights five common reasons and how to resubmit your application.
You will have been sent communication from the Company Support team with the reason for the rejection.
If your company has been Flagged, please see the guide: Why has my company been Flagged?
You will not be charged again for resubmission of a rejected company application
Reason #1: Identical Business Name
ASIC PHRASE: "The proposed name is considered identical to that of the already registered business name(s) listed below."
WHY? This issue occurs when you attempt to use an existing business name but enter an incorrect ABN on the application OR the business name owner is not listed as a shareholder.
How to resolve:
If you own the Business name, you will need to go back and select 'Use an existing business name' and enter the correct ABN on your application from the first page.
You must also ensure that the business name owner (as listed on the ABR) is listed as a shareholder within the company. The details entered in the form must exactly match those listed under the ABN on the ABR website, which you can check HERE.
After double-checking that your application details are correct, you will select 'Lodge Application' on the final page to send off for resubmission
You can double-check the ABN details on the ABR website here: https://abr.business.gov.au/
Reason #2: ABN Mismatch
ASIC PHRASE: "V557 ABN is not that of the business name"
WHY? This issue occurs when registering a new company with an existing business name, where the ABN or shareholder name details may not match, causing an error.
How to resolve:
1. Confirm that the ABN entered for the existing business name is accurate by using the ABN Lookup here
2. Confirm the business name owner details also match what is listed on the ASIC Connect here.
Individual Owner: Must be listed as a shareholder in the company.
Common mistakes; maiden name used on ASIC Connect, middle name used on ASIC Connect
Partnership Owner: All partners must be listed as shareholders within the new company
Company Owner: details including the legal element (Pty Ltd) must be included on the application
3. After double-checking that your application details are correct, you will select 'Lodge Application' on the final page to send off for resubmission
Reason #3: Address Validation Failed
ASIC PHRASE: "A non-residential address for an officeholder is only allowed if approved under S205D(2) of the Corporations Act 2001."
WHY: This means ASIC recognises the address as a commercial address that has been listed as the Officeholder (Director) and not a residential address.
How to Resolve:
1. Check if the address includes terms like "floor," "level," or "suite" and adjust appropriately
2. Provide a residential address. Virtual office or building addresses are not accepted by ASIC unless express permission has been provided.
3. Check the address against Maps to ensure the correct postcode and suburb are listed
4. After double-checking that your application details are correct, you will select 'Lodge Application' on the final page to send off for resubmission
Reason #4: Blacklisted words/Phrases
ASIC PHRASE: "The name in the opinion of ASIC, the context in which it is
proposed to be used is considered to be undesirable for reservation in
that: BLACK LISTED WORD/PHRASE:" eg CROWN.
WHY? There are certain words that ASIC will not allow to be used within a company name without permission or prior approval. The word can be contained within another word, eg Bank in Banksmeadow. Often ASIC will manually review these names first.
How to Resolve:
You can check the list of restricted words/phrases by ASIC via the link here
You can seek prior approval for the name (see ASIC website for more information)
Choose an alternative name for the company. Check name availability here:
After changing the name, double-checking that your application details are correct, you will select 'Lodge Application' on the final page to send off for resubmission
Reason #5: Invalid ACN/ARBN
ASIC PHRASE: "V097 ACN/ARBN does not match with company name"
WHY? This is similar to the ABN mismatch; however, it is specifically for a corporate shareholder where the ACN or the name of the listed company do not match.
How to Resolve:
1. Review the shareholder details and ensure the name includes the legal element (Pty Ltd)
2. Is the Company already registered? If doing a dual set up, check the holding company is registered prior to completing Operations.
3. Verify ACN is an exact match as per the ASIC portal here.
4. After double-checking that your application details are correct, you will select 'Lodge Application' on the final page to send off for resubmission
If you are still unsure how to correct an error on the application or have corrected it and the company is still not registered, please reach out to Support via Live Chat with the name of the company, and we can investigate further.
Alternatively, you can schedule a FREE CALL with the team to help with the application and next steps here.