The business secretary said the list, which could be used by tax authorities, would tackle the "darker side of capitalism".
The plans follow concerns that opaque UK corporate structures can be used to channel or hide illicit funds.
Campaigners called it an "historic step" in the fight against corruption.
'Smoke and mirrors'
"For consumers, investors and the wider public to really trust
a company they need to know who is really in charge," said Mr Cable.
"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.
Vince Cable MP: "We're not going to tolerate dodgy directors abusing the trust of investors and consumers"
"No longer will UK companies be able to use complex structures
and trails of paperwork to hide information and keep the public in the
dark."
The new rules, which need parliamentary approval, would force
UK-registered firms to give details of anyone with an interest in more
than 25% of its shares or voting rights.
These details, held by Companies House, would need to be updated every year.
'Historic step'
There are also plans to abolish so-called 'bearer shares',
which can be transferred untraceably, without the need to register
ownership.
And the government also wants to limit the use of corporate
directors - where companies, rather than people, are directors of other
companies.
A public register of company owners was originally pledged by the chancellor last year, as part of Britain's chairmanship of the G8.
George Osborne said it would help unmask the owners of 'shell' companies, where firms keep money offshore to avoid tax.
"This is an historic step in the fight against corruption and
tax evasion," said David McNair, of Save the Children, reacting to Mr
Cable's announcement on Monday.
"For too long, shell companies have hidden vast profits
behind bogus owners, while tax dodging has cheated the world's poorest
countries out of billions of pounds every year."
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