"I trust we have the tools to ensure the phase of stress will be brief," he added.
ICANN, a non-profit body managing the Domain Name System and Internet Protocol addresses that form the technical backbone of the Web, is holding a global meeting in Singapore this week to discuss a range of matters.
ICANN communications manager Michele Jourdan said corporations will now have "new possibilities for structuring their online and offline presence."
But it will not come cheap.
It will cost a company $185,000 just to apply and there are a number of criteria that must be met before ICANN will give the nod for a firm to own the domain name of its choice.
The fee is needed to recoup the costs associated with the new gTLD program and to ensure that it is fully funded, ICANN said.
It would also weed out opportunistic applicants seeking to resell domain names for a profit after buying them cheaply, a problem in the earlier days of the Internet.
According to the draft new gTLD applicant guidebook dated May 30, only "established corporations, organizations, or institutions in good standing may apply for a new gTLD".