The Manx government is bowing under international pressure to set up a central register of the real owners of companies.
But Chief Minister Allan Bell insists there will be no public access to any proposed register.
There have been growing calls to lift the lid on company secrecy internationally.
Following a pledge to the G8 group of nations by David Cameron, the UK is introducing a public register of beneficial ownership.
The European Union last year approved a requirement for all member states to create central registers.
But the Manx government says its current system of licensed ‘gatekeepers’ and strict regulation has worked well and meets international standards.
Companies and trusts are required to know the identity of beneficial owners and inform the authorities if requested. But such information is not made public.
Giving his State of the Nation speech at the Villa Marina in January, Chief Minister told the compliance professionals that a public register was a red line which he would not cross.
But Mr Bell told the Examiner that government had found what it believed to be a satisfactory compromise which provide more timely and relevant information whilst keeping essential safeguards in place.
He said: ‘We stand full square behind with the industry. We will not accept a public register. But we are working to identify a mechanism which will still provide a central register. It will be without public access and will solely be for law enforcement officers and tax collectors.’
Mr Bell accepted that this would not go for enough for those organisations such as Christian Aid which want to lift the lid of company secrecy altogether.
He pointed out there was a difference between privacy and secrecy and the industry would naturally be concerned that a register would add further to compliance costs. It was too early to say if the move would mean any ‘leakage’ of business from the island.
And he stressed it was ‘still early days’ and still a ‘work in progress’.
With the issue of beneficial ownership expected to come to a head at an anti-corruption conference hosted by UK Premier David Cameron in mid-May, he said he hoped to make a statement in the next few weeks but it could be 18 months to two years before any register is in place.
Releasing the results of a public consultation on beneficial ownership, the Cabinet Office concluded: ‘The Isle of Man Government has a duty towards those who create wealth in the island, provide jobs for its residents and contribute to its tax revenues.’
There were a total of 38 responses to the public consultation.
Most were not supportive of any proposal to create a central registry of beneficial ownership, whether or not it was public.