InterNIC is the agency that owns the domain hierarchies .com, .org and .net among others. It allocates names to commercial enterprises, non-profit organizations and network providers respectivly under these top level domains subject to the availability of the name and certain requirements detailed on their pages.
It takes roughly one week to register .com domains. Usually .net .edu and .org take a bit longer for them to approve, and they may need you to prove that your buisness fits that catagory. We will notify you by email when your domain registration is completed.