I am presently creating a simple web application in PHP that other company's may use among their services. I wish to host the applying myself and never do the installation on a single of the servers, however i do want the ease of access that that will offer. Example:

world wide web.mywebapp.com is how i'd host the net application.
world wide web.company.com will be the domain title from the client.

webapp.company.com should redirect to world wide web.mywebapp.com/?c=company. Upon navigation, webapp.company.com/view.php?v=test would be also rerouted to world wide web.mywebapp.com/view.php?c=company&v=test and so forth upon further while using web application.

Can someone explain the way i is capable of this and when this is actually the smartest choice thinking about my needs?

I suggest that you simply change to applying an API. That's how this issue is solved by many people companies. They just come with an API key which will let your server understand what client they're and for that reason things to serve them.

Assets on API's:

I believe your idea Can be done if both servers are positioned up properly, but does not it feel wrong for you?

You should come with an 'a' record for domain names pointing towards the same server

http://corz.org/serv/methods/htaccess2.php?page=all#section-rewrite_sub-domain names