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<font face="Times New Roman">U.S. SECURITIES AND EXCHANGE COMMISSION</font></b></p span>
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<u>Washington, D.C. 20549</u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="center">FORM S-8</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="center">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</p span>
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<b><u> NETTEL HOLDINGS, INC.</u></b></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="center">(Exact name of registrant as specified in charter)</p span>
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    <td width="50%" align="center" bordercolor="#FFFFFF"><u>Florida</u></td>
    <td width="50%" align="center" bordercolor="#FFFFFF"><u>65-0827278</u></td>
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    <td width="50%" align="center" bordercolor="#FFFFFF">(State or other
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    <td width="50%" align="center" bordercolor="#FFFFFF">(I.R.S. Employer
    Identification No.)</td>
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    <p style="margin-top: 1; margin-bottom: 1">4701 NE Portland Hwy</p>
    <p style="margin-top: 1; margin-bottom: 1"><u>Portland, OR 97218</u></td>
    <td width="50%" align="center" valign="bottom">Michael Nguyen<p style="margin-top: 1; margin-bottom: 1">
	4701 NE Portland Hwy</p>
    <p style="margin-top: 1; margin-bottom: 1">Portland, OR 97218<p style="margin-top: 1; margin-bottom: 1">
	<u>(503) 222-6018</u></td>
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    <td width="50%" align="center">(Address of Registrant's Principal Executive
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    <td width="50%" align="center">(Name, address and telephone number of agent
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<u><b>NETTEL HOLDINGS, INC. 2006 EMPLOYEE BENEFIT PLAN</b></u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="center">(Full title of the plan)</p span>
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<u>Copies of all communications to:</u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="center">11300 W. Olympic Blvd., Suite 800</p span>
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<font face="Times New Roman">Los Angeles, California 90064</font></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="center">Facsimile (310) 312-6680</p span>
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<b>CALCULATION OF REGISTRATION FEE</b></p span>
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    <b>Title of Securities to be registered</b></td>
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    <b>Amount to be registered</b></td>
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    <b>Proposed maximum offering price per share</b></td>
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    <b>Proposed maximum offering price</b></td>
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    <b>Amount of registration fee</b></td>
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    <td width="20%" align="center">Common Stock</td>
    <td width="20%" align="center">3,400,000 (1)</td>
    <td width="20%" align="center">$0.12 (2)</td>
    <td width="20%" align="center">$408,000 (2)</td>
    <td width="20%" align="center">$51.69</td>
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    <td width="20%" align="center"><b>TOTAL</b></td>
    <td width="20%" align="center"><b>3,400,000</b></td>
    <td width="20%" align="center"><b>$0.12</b></td>
    <td width="20%" align="center"><b>$408,000</b></td>
    <td width="20%" align="center"><b>$51.69</b></td>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">(1) In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein.</p span>
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(2) The proposed maximum offering price per share of Common Stock and the
proposed maximum aggregate offering price are calculated solely for the purpose
of determining the registration fee pursuant to Rule 457(h) under the Securities
Act of 1933. The fee for the shares being registered is based upon the closing
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which was $0.12 per share, as reported on by Nasdaq.</font></p span>
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<b>TABLE OF CONTENTS</b></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">PART I  INFORMATION REQUIRED IN SECTION 10(A) PROSPECTUS</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 1. Plan Information</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 2. Registrant Information and Employee Plan Annual Information</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 3. Incorporation of Documents by Reference</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 4. Description of Securities</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 5. Interests of Named Experts and Counsel</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 6. Indemnification of Directors and Officers</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 7. Exemption for Registration Claimed</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 8. Exhibits</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;&nbsp;&nbsp; Item 9. Undertakings</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">EXHIBIT 4.1</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">EXHIBIT 5.1</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">EXHIBIT 23.1</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">EXHIBIT 23.2</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">EXHIBIT 24.1</p span>
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<u><b>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</b></u></p span>
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<u><b>ITEM 1. PLAN INFORMATION</b></u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">See Item 2 below.</p span>
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<u><b>ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION</b></u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">The documents containing the information specified in Part I, Items 1 and 2, will be delivered to each of the participants in accordance with Form S-8 and Rule 428 promulgated under the Securities Act of 1933. The participants shall be provided a written statement notifying them that upon written or oral request they will be provided, without charge, (i) the documents incorporated by reference in Item 3 of Part II of the registration statement, and (ii) other documents required to be delivered pursuant to Rule 428(b). The statement will inform
the participants that these documents are incorporated by reference in the Section 10(a) prospectus, and shall include the address (giving title or department) and telephone number to which the request is to be directed.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">A copy of any document or part hereof incorporated by reference in this Registration Statement but not delivered with this Prospectus or any document required to be delivered pursuant to Rule 428(b) under the Securities Act will be furnished without charge upon written or oral request. Requests should be addressed to 11300 W. Olympic Blvd., Suite
	800, Los Angeles, California 90064.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">&nbsp;</p span>
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<u><b>PART II</b></u></p span>
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<u><b>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</b></u></p span>
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<u><b>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</b></u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">The following documents filed by the Company under the Securities Exchange Act of 1934 (the "Exchange Act") are incorporated herein by reference:</p span>
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(a) The Registrant's Annual Report on Form 10-KSB the year ended December 31,
2005 as filed on April 17, 2006.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the financial statements contained in the Form 10-KSB referred to in (a) above.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">In addition, all documents subsequently filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be a part hereof from the date of filing of such documents.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in a subsequently filed document which is also incorporated by reference herein modified or superseded such statement.</p span>
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<u><b>ITEM 4. DESCRIPTION OF SECURITIES</b></u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">Not applicable.</p span>
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<u><b>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</b></u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">Other than as set forth below, no named expert or counsel was hired on a contingent basis, will receive a direct or indirect interest in the small business issuer, or was a promoter, underwriter, voting trustee, director, officer, or employee of the Registrant.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">
Dieterich &amp; Associates has given an opinion on the validity of the securities
being registered hereunder. Principals in this law firm are eligible to receive
shares of the Company's common stock pursuant to this Form S-8 registration
statement.</p span>
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<u><b>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</b></u></p span>
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<div>
	<p style="text-align: justify">The Florida Business Corporation Act, as
	amended (the &quot;Florida Act&quot;), provides that, in general, a business
	corporation may indemnify any person who is or was a party to any proceeding
	(other than an action by, or in the right of, the corporation) by reason of
	the fact that he or she is or was a director or officer of the corporation,
	against liability incurred in connection with such proceeding, including any
	appeal thereof, provided certain standards are met, including that such
	officer or director acted in good faith and in a manner he or she reasonably
	believed to be in, or not opposed to, the best interests of the corporation,
	and provided further that, with respect to any criminal action or
	proceeding, the officer or director had no reasonable cause to believe his
	or her conduct was unlawful. In the case of proceedings by or in the right
	of the corporation, the Florida Act provides that, in general, a corporation
	may indemnify any person who was or is a party to any such proceeding by
	reason of the fact that he or she is or was a director or officer of the
	corporation against expenses and amounts paid in settlement actually and
	reasonably incurred in connection with the defense or settlement of such
	proceeding, including any appeal thereof, provided that such person acted in
	good faith and in a manner he or she reasonably believed to be in, or not
	opposed to, the best interests of the corporation, except that no
	indemnification shall be made in respect of any claim as to which such
	person is adjudged liable unless a court of competent jurisdiction
	determines upon application that such person is fairly and reasonably
	entitled to indemnity. To the extent that any officers or directors are
	successful on the merits or otherwise in the defense of any of the
	proceedings described above, the Florida Act provides that the corporation
	is required to indemnify such officers or directors against expenses
	actually and reasonably incurred in connection therewith. However, the
	Florida Act further provides that, in general, indemnification or
	advancement of expenses shall not be made to or on behalf of any officer or
	director if a judgment or other final adjudication establishes that his or
	her actions, or omissions to act, were material to the cause of action so
	adjudicated and constitute: (i) a violation of the criminal law, unless the
	director or officer had reasonable cause to believe his or her conduct was
	lawful or had no reasonable cause to believe it was unlawful; (ii) a
	transaction from which the director or officer derived an improper personal
	benefit; (iii) in the case of a director, a circumstance under which the
	director has voted for or assented to a distribution made in violation of
	the Florida Act or the corporation's articles of incorporation; or (iv)
	willful misconduct or a conscious disregard for the best interests of the
	corporation in a proceeding by or in the right of the corporation to procure
	a judgment in its favor or in a proceeding by or in the right of a
	shareholder.</p>
	<p style="text-align: justify">The Registrant's By-Laws include the
	following provisions:</p>
	<p style="text-align: center">Article IX. Corporate Indemnification Plan</p>
	<p style="text-align: justify">The Company shall indemnify any person:</p>
	<p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) Who was or is a party, or is
	threatened to be made a party, to any threatened, pending, or completed
	action, suit, or proceeding, whether civil, criminal, administrative, or
	investigative (other than an action by, or in the right of, the above named
	corporation) by reason of the fact that he is or was a director, officer,
	employee, or agent of the above named corporation or is or was serving at
	the request of the above named corporation as a director, officer, employee,
	or agent of another corporation, partnership, joint venture, trust, or other
	enterprise against such costs and expenses, and to the extent and in the
	manner provided under Florida Law.</p>
	<p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) Who was or is a party, or is
	threatened to be made a party, to any threatened, pending, or completed
	action or suit by or in the right of the above named corporation to procure
	a judgment in its favor by reason of the fact that he is or was a director,
	officer, employee, or agent of the above named corporation or is or was
	serving at the request of the above named corporation as a director,
	officer, employee, or agent of another corporation, partnership, joint
	venture, trust, or other enterprise against such costs and expenses, and to
	the extent and in the manner provided under Florida Law.</p>
	<p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The extent, amount, and eligibility
	for the indemnification provided herein will be made by the Board of
	Directors. Said determinations will be made by a majority vote to a quorum
	consisting of directors who were not parties to such action, suit, or
	proceeding or by the shareholders by a majority vote of a quorum consisting
	of shareholders who were not parties to such action, suit, or proceeding.</p>
	<p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will have the power to
	make further indemnification as provided under Florida Law except to
	indemnify any person against gross negligence or willful misconduct.</p>
	<p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company is further authorized to
	purchase and maintain insurance for indemnification of any person at
	provided herein and to the extent provided under Florida Law.</p>
	<p style="text-align: justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for
	liabilities arising under the Securities Act of 1933 may be permitted to
	directors, officers and controlling persons of the Company, the Company has
	been advised that in the opinion of the Securities and Exchange Commission
	such indemnification is against public policy as expressed in the Act and
	is, therefore, unenforceable. In the event that a claim for indemnification
	against such liabilities (other than the payment by the Company of expenses
	incurred or paid by a director, officer or controlling person of the Company
	in the successful defense of any action, suit or proceeding) is asserted by
	such director, officer or controlling person in connection with the
	securities being registered, the Company undertakes, unless in the opinion
	of its counsel the matter has been settled by controlling precedent, to
	submit to a court of appropriate jurisdiction the question whether such
	indemnification by it is against public policy as expressed in the Act and
	agrees to be governed by the final adjudication of such issue.</div>
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<b><u>ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</u></b></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">Not applicable.</p span>
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<u><b>ITEM 8. EXHIBITS</b></u></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1">The Exhibits required by Item 601 of Regulation S-B, and an index thereto, are attached.</p span>
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<b><u>ITEM 9. UNDERTAKINGS</u></b></p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">The undersigned Company hereby undertakes:</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement;</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">(4) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">&#160;(5) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other that the payment by the Company of expenses incurred or paid by a director, officer, or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person of the Company in the successful defense of that action suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</p span>
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<b><u>SIGNATURES</u></b></p span>
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Pursuant to the requirements of the Securities Act of 1933, as amended, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in City of Portland, State of Oregon, on December 20,
2006.</p span>
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<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">&nbsp;</p span>
<p span style="font-family: 'Times New Roman'; margin-top:1; margin-bottom:1" align="justify">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
NETTEL HOLDINGS, INC.&nbsp;&nbsp;&nbsp; </p span>
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<u>/s/ Michael Nguyen&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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Michael Nguyen, President&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </p span>
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<u><b>EXHIBIT INDEX</b></u></p span>
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<u>Exhibit No.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<u>Description</u></p span>
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2006 Supplemental Employee Benefit Plan, dated December 13, 2006  (filed herewith).</p span>
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{"company-data": {"conformed-name": "NETTEL HOLDINGS INC", "cik": "0001084883", "assigned-sic": "4813", "irs-number": "650873448", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-139532", "film-number": "061291020"}, "business-address": {"street1": "2500 COLUMBIA HOUSE", "street2": "BOULEVARD", "city": "VANCOUVER", "state": "WA", "zip": "98661", "phone": "360-696-3412"}, "mail-address": {"street1": "2500 COLUMBIA HOUSE", "street2": "BOULEVARD", "city": "VANCOUVER", "state": "WA", "zip": "98661"}, "former-company": [{"former-conformed-name": "BIO STANDARD CORP", "date-changed": "20020515"}, {"former-conformed-name": "ROYAL FINANCE INC", "date-changed": "20010302"}, {"former-conformed-name": "GONETGEN COM INC", "date-changed": "20000711"}]}
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
NETTEL HOLDINGS, INC.
(Exact name of registrant as specified in charter)
Florida
65-0827278
(State or other
    jurisdiction of incorporation or organization)
(I.R.S. Employer
    Identification No.)
4701 NE Portland Hwy
Portland, OR 97218
Michael Nguyen
4701 NE Portland Hwy
Portland, OR 97218
(503) 222-6018
(Address of Registrant's Principal Executive
    Offices)
(Name, address and telephone number of agent
    for service)
NETTEL HOLDINGS, INC. 2006 EMPLOYEE BENEFIT PLAN
(Full title of the plan)
Copies of all communications to:
11300 W. Olympic Blvd., Suite 800
Los Angeles, California 90064
Facsimile (310) 312-6680
CALCULATION OF REGISTRATION FEE
Title of Securities to be registered
Amount to be registered
Proposed maximum offering price per share
Proposed maximum offering price
Amount of registration fee
Common Stock
3,400,000 (1)
$0.12 (2)
$408,000 (2)
$51.69
TOTAL
3,400,000
$0.12
$408,000
$51.69
(1) In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration statement also covers an indeterminate amount of interests to be offered or sold pursuant to the employee benefit plan described herein.
(2) The proposed maximum offering price per share of Common Stock and the
proposed maximum aggregate offering price are calculated solely for the purpose
of determining the registration fee pursuant to Rule 457(h) under the Securities
Act of 1933. The fee for the shares being registered is based upon the closing
price of the Common Stock on December 12, 2006
which was $0.12 per share, as reported on by Nasdaq.
TABLE OF CONTENTS
PART I  INFORMATION REQUIRED IN SECTION 10(A) PROSPECTUS
Item 1. Plan Information
Item 2. Registrant Information and Employee Plan Annual Information
PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption for Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT 4.1
EXHIBIT 5.1
EXHIBIT 23.1
EXHIBIT 23.2
EXHIBIT 24.1
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
ITEM 1. PLAN INFORMATION
See Item 2 below.
ITEM 2. REGISTRANT INFORMATION AND EMPLOYEE PLAN ANNUAL INFORMATION
The documents containing the information specified in Part I, Items 1 and 2, will be delivered to each of the participants in accordance with Form S-8 and Rule 428 promulgated under the Securities Act of 1933. The participants shall be provided a written statement notifying them that upon written or oral request they will be provided, without charge, (i) the documents incorporated by reference in Item 3 of Part II of the registration statement, and (ii) other documents required to be delivered pursuant to Rule 428(b). The statement will inform
the participants that these documents are incorporated by reference in the Section 10(a) prospectus, and shall include the address (giving title or department) and telephone number to which the request is to be directed.
A copy of any document or part hereof incorporated by reference in this Registration Statement but not delivered with this Prospectus or any document required to be delivered pursuant to Rule 428(b) under the Securities Act will be furnished without charge upon written or oral request. Requests should be addressed to 11300 W. Olympic Blvd., Suite
	800, Los Angeles, California 90064.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE
The following documents filed by the Company under the Securities Exchange Act of 1934 (the "Exchange Act") are incorporated herein by reference:
(a) The Registrant's Annual Report on Form 10-KSB the year ended December 31,
2005 as filed on April 17, 2006.
(b) All other reports filed pursuant to Section 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the financial statements contained in the Form 10-KSB referred to in (a) above.
In addition, all documents subsequently filed pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this registration statement and to be a part hereof from the date of filing of such documents.
Any statement contained in a document incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in a subsequently filed document which is also incorporated by reference herein modified or superseded such statement.
ITEM 4. DESCRIPTION OF SECURITIES
Not applicable.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL
Other than as set forth below, no named expert or counsel was hired on a contingent basis, will receive a direct or indirect interest in the small business issuer, or was a promoter, underwriter, voting trustee, director, officer, or employee of the Registrant.
Dieterich & Associates has given an opinion on the validity of the securities
being registered hereunder. Principals in this law firm are eligible to receive
shares of the Company's common stock pursuant to this Form S-8 registration
statement.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS
The Florida Business Corporation Act, as
	amended (the "Florida Act"), provides that, in general, a business
	corporation may indemnify any person who is or was a party to any proceeding
	(other than an action by, or in the right of, the corporation) by reason of
	the fact that he or she is or was a director or officer of the corporation,
	against liability incurred in connection with such proceeding, including any
	appeal thereof, provided certain standards are met, including that such
	officer or director acted in good faith and in a manner he or she reasonably
	believed to be in, or not opposed to, the best interests of the corporation,
	and provided further that, with respect to any criminal action or
	proceeding, the officer or director had no reasonable cause to believe his
	or her conduct was unlawful. In the case of proceedings by or in the right
	of the corporation, the Florida Act provides that, in general, a corporation
	may indemnify any person who was or is a party to any such proceeding by
	reason of the fact that he or she is or was a director or officer of the
	corporation against expenses and amounts paid in settlement actually and
	reasonably incurred in connection with the defense or settlement of such
	proceeding, including any appeal thereof, provided that such person acted in
	good faith and in a manner he or she reasonably believed to be in, or not
	opposed to, the best interests of the corporation, except that no
	indemnification shall be made in respect of any claim as to which such
	person is adjudged liable unless a court of competent jurisdiction
	determines upon application that such person is fairly and reasonably
	entitled to indemnity. To the extent that any officers or directors are
	successful on the merits or otherwise in the defense of any of the
	proceedings described above, the Florida Act provides that the corporation
	is required to indemnify such officers or directors against expenses
	actually and reasonably incurred in connection therewith. However, the
	Florida Act further provides that, in general, indemnification or
	advancement of expenses shall not be made to or on behalf of any officer or
	director if a judgment or other final adjudication establishes that his or
	her actions, or omissions to act, were material to the cause of action so
	adjudicated and constitute: (i) a violation of the criminal law, unless the
	director or officer had reasonable cause to believe his or her conduct was
	lawful or had no reasonable cause to believe it was unlawful; (ii) a
	transaction from which the director or officer derived an improper personal
	benefit; (iii) in the case of a director, a circumstance under which the
	director has voted for or assented to a distribution made in violation of
	the Florida Act or the corporation's articles of incorporation; or (iv)
	willful misconduct or a conscious disregard for the best interests of the
	corporation in a proceeding by or in the right of the corporation to procure
	a judgment in its favor or in a proceeding by or in the right of a
	shareholder.
The Registrant's By-Laws include the
	following provisions:
Article IX. Corporate Indemnification Plan
The Company shall indemnify any person:
(1) Who was or is a party, or is
	threatened to be made a party, to any threatened, pending, or completed
	action, suit, or proceeding, whether civil, criminal, administrative, or
	investigative (other than an action by, or in the right of, the above named
	corporation) by reason of the fact that he is or was a director, officer,
	employee, or agent of the above named corporation or is or was serving at
	the request of the above named corporation as a director, officer, employee,
	or agent of another corporation, partnership, joint venture, trust, or other
	enterprise against such costs and expenses, and to the extent and in the
	manner provided under Florida Law.
(2) Who was or is a party, or is
	threatened to be made a party, to any threatened, pending, or completed
	action or suit by or in the right of the above named corporation to procure
	a judgment in its favor by reason of the fact that he is or was a director,
	officer, employee, or agent of the above named corporation or is or was
	serving at the request of the above named corporation as a director,
	officer, employee, or agent of another corporation, partnership, joint
	venture, trust, or other enterprise against such costs and expenses, and to
	the extent and in the manner provided under Florida Law.
The extent, amount, and eligibility
	for the indemnification provided herein will be made by the Board of
	Directors. Said determinations will be made by a majority vote to a quorum
	consisting of directors who were not parties to such action, suit, or
	proceeding or by the shareholders by a majority vote of a quorum consisting
	of shareholders who were not parties to such action, suit, or proceeding.
The Company will have the power to
	make further indemnification as provided under Florida Law except to
	indemnify any person against gross negligence or willful misconduct.
The Company is further authorized to
	purchase and maintain insurance for indemnification of any person at
	provided herein and to the extent provided under Florida Law.
Insofar as indemnification for
	liabilities arising under the Securities Act of 1933 may be permitted to
	directors, officers and controlling persons of the Company, the Company has
	been advised that in the opinion of the Securities and Exchange Commission
	such indemnification is against public policy as expressed in the Act and
	is, therefore, unenforceable. In the event that a claim for indemnification
	against such liabilities (other than the payment by the Company of expenses
	incurred or paid by a director, officer or controlling person of the Company
	in the successful defense of any action, suit or proceeding) is asserted by
	such director, officer or controlling person in connection with the
	securities being registered, the Company undertakes, unless in the opinion
	of its counsel the matter has been settled by controlling precedent, to
	submit to a court of appropriate jurisdiction the question whether such
	indemnification by it is against public policy as expressed in the Act and
	agrees to be governed by the final adjudication of such issue.
ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED
Not applicable.
ITEM 8. EXHIBITS
The Exhibits required by Item 601 of Regulation S-B, and an index thereto, are attached.
ITEM 9. UNDERTAKINGS
The undersigned Company hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement;
(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.
(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(4) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(5) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers, and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other that the payment by the Company of expenses incurred or paid by a director, officer, or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person of the Company in the successful defense of that action suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the
Registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in City of Portland, State of Oregon, on December 20,
2006.
NETTEL HOLDINGS, INC.
/s/ Michael Nguyen
Michael Nguyen, President
EXHIBIT INDEX
Exhibit No.
Description
4.2                                      
2006 Supplemental Employee Benefit Plan, dated December 13, 2006  (filed herewith).
5.1                                                  Opinion Re: Legality (filed herewith).
23.1                                     Consent of Accountants (filed herewith).
23.2                                     Consent of Counsel (included in Exhibit 5.1).