According to TUAW, the iPhone App Store is open and ready for business, but only if you’re a developer.

TUAW claims that Apple has opened the App Store to allow registered developers to prepare the final versions of their apps for distribution. As we all know, Apple has the ultimate say concerning the apps that will acutally appear in the App Store when it launches in early July. TUAW’s anonymous source speculates that larger app developers could get preferential treatment in obtaining expedited approval.

The source also mentioned that developers will be able to select prices for their apps, as long as the price ends in 99 cents. So, for example, prices of $0.99, $1.99, and $99.99 are all acceptable. “Free” is also an option, as expected.

In related news, developers will be using iTunes Connect, familiar to bands and artists who sell their music through the iTunes Store, to monitor the financial performance of their apps. Additionally, Apple will withhold any payments until the developer’s share of the sales reaches $250, or its regional currency equivalent. TUAW asserts that it is unclear what increments Apple will pay after that threshold is reached.

Developers can find out more information about submitting their apps from the “Program Portal” on Apple’s secure developer website.