I assume web hosting service company does but somehow there is a regulation or agreement between those companies? I have been wondering like we pay for domain names and hosting services for our personal web space. Then who do those web hosting companies pay to or register with to be a business, even a cross nation business? Or it’s a business anybody can start one with enough fund?
Ok…to make your complicated question to simple world
The internet ruler is a Non profit making organisation called as
Internet Corporation for Assigned Names and Numbers
http://www.icann.org/
You need to be a registered member with them or you need to be a reseller with someone registered with them.
Domains can be whatever you make them. You would buy a .com or whatever and you can make a redirection. I am not fully sure how to do that. All the .com’s or whatever is done by icann (Internet Corporation for Assigned Names and Numbers).
More about this can be found in the "Terms of Service" at http://webhosting.thumbtak.net