Cable wants to force companies to publicly declare their true owners and directors. The measures are designed to prevent tax evasion and money laundering, while also building public trust in business.
Under the proposals, a business would need to declare any individual who owns more than 25% of its shares.
Cable said the changes would combat "the darker side of capitalism" and give the public more confidence in business.
"For consumers, investors and the wider public to really trust a company they need to know who is really in charge," he said. "This is why I'm making sure we take tough action tackling the darker side of capitalism and the smoke and mirrors which have existed for too long."
Save the Children's head of economics David McNair welcomed the changes. "This is an historic step in the fight against corruption and tax evasion," he said. "These new rules on beneficial ownership will help tax authorities and corruption hunters root out secret forms of tax evasion and money laundering."
The CBI told the Department for Business, Innovation and Skills it would favour a private register, as information on individuals being in the public domain could lead to "profiling" based on their company interests.
Deloitte also urged caution, warning the changes could "over-expose" children who are the beneficiaries of trusts related to company directors.
