AiYellow's corporate timeline shows a company frequently changing its mind, starting with a claimed management board meeting in 2005. Three years then passed with no reported activity before AiYellow claims it incorporated in the US in 2008.

Another three years went by as the company focused on marketing to developing nations. AiYellow finally announced a global launch for June 2012. This launch announcement seems odd, given the company already claimed its affiliates had generated $50 million in global revenue by that same month.

President Martin Naka and Vice-President Rick Cabo co-founded AiYellow and AmarillasInternet. Neither man appears to have a prior history in multi-level marketing.

The actual operational base for AiYellow remains unclear. The company uses two main domains, aiyellow.com and amarillasinternet.com. Each lists different registrant addresses for AmarillasInternet Corp. The aiyellow.com domain, registered December 9, 2010, shows an address in Valley Village, California. The amarillasinternet.com domain, registered January 12, 2007, lists an address in Miami, Florida.

The AiYellow Terms and Conditions further complicate this, stating AmarillasInternet Corporation's principal headquarters are at 990 Biscayne Blvd., Suite 503, Miami, Florida 33132. The document also notes AmarillasInternet is an American privately held corporation organized under Delaware law. No Delaware address appears in company materials. The Delaware business registration, file number 4625981, only provides an agent address for Delaware Intercorp in Newark.

AmarillasInternet is also registered in Florida as a Foreign Profit Corporation, EIN: 263779909. This registration lists yet another address in Villa General Belgrano, Cordoba, Argentina, under Martin Naka's name. Martin Naka also appears to have a presence in Montevideo, Uruguay, according to domain registration records for camaramercosur.org. Spanish is the official language of Uruguay, which aligns with AmarillasInternet and AiYellow's strong South American presence and the fact that most company information is in Spanish.

The activities of AmarillasInternet and AiYellow in the US are difficult to track. The Uruguay and Argentina connections make more sense, given both countries speak Spanish and match the company's actual market presence.

Online business directories have existed almost since the internet's inception. The market is full of free-to-list platforms where businesses are typically added by opting in or through automation, then grouped by location and industry. AiYellow calls itself "the internet yellow pages." AmarillasInternet does not operate like that.

The company charges $30 to $325 for a listing. AmarillasInternet classifies business listings by country, ordered from newest to oldest. It offers no categories, no search function, and no organization. Listings are capped at 60 per page, mostly in Spanish, even for US businesses, and appear in no discernible order. The first US listing clicked had a broken image.

Pricing for listings breaks down this way: A Standard Ad costs $30 annually. A Premium Ad costs $200 annually and includes a photo gallery, video hosting, social network listing, and coupons. Premium Plus is $250 annually, adding business hours, delivery information, a callback feature, testimonials, payment options, and user voting. Premium Plus VOIP costs $300 annually and includes VOIP calling from the listing. An Ad Super Plus costs $325 for three years and promises "increased ranking and performance."

AiYellow pays affiliates through "retail" commissions, residual commissions via a unilevel structure, and various incentive bonuses. The "retail" commission model works by having an affiliate choose a membership level, pay a fee, and then receive a bulk purchase of business listing codes. The affiliate then sells these codes to businesses for profit. AiYellow frames this as a percentage return on the initial payment.

Three membership tiers exist. Standard Membership costs $30 and provides 5 Standard Ad codes, priced at $6 per code. Premium Membership costs $200 and provides 5 Premium Ad codes, at $40 per code. Director Membership costs $1,000 plus a $30 admin fee. This tier offers either 50 Premium Ad codes at $20 each or 350 Standard Ad codes at $2.85 each. Since Standard Ads retail for $30 and Premium Ads for $200, reselling purchased codes at these prices generates the affiliate's profit. After selling all codes, members can purchase more in bulk or buy individual "higher-end" codes.

Residual commissions pay out when a recruited affiliate purchases ad codes to resell. To qualify, members must meet ongoing requirements based on their rank. Five primary membership ranks exist. Standard Membership requires purchasing 1 Standard ad package every 30 days. Premium Membership has the same requirement. Regional Director requires purchasing at least 1 Director package every 365 days and 1 Super Plus package every 30 days. National Director requires recruiting at least 6 Regional Directors, purchasing 1 Director package every 365 days, and 1 Super Plus package every 30 days. International Director requires recruiting 5 National Directors, purchasing 1 Director package every 365 days, and 1 Super Plus package every 30 days.

The unilevel structure places all personally recruited affiliates directly under the recruiter on level 1. Their recruits form level 2, and so on. Commission amounts depend on membership level and include both initial purchases and repurchases. Standard members earn $15 on level 1, $7.50 on level 2, and $1.25 on levels 3 through 5. Premium members earn the same on Standard packages, plus $10 on Standard package purchases across 5 levels, and $3.50 on Super Plus sales across 5 levels. Regional Directors maintain the same base commissions, plus $40 on Executive packages across 5 levels.