ICANN approved a plan on Monday allow generic top-level domain extensions (gTLDs) to be available so that companies and organizations will not be restricted to existing suffixes.

Current suffixes include .com, .net, and .org, among others. There are currently 22 in use.

Today's decision will usher in a new Internet age, said Peter Dengate Thrush, Chairman of ICANN's Board of Directors. We have provided a platform for the next generation of creativity and inspiration.

This will change the way people find information on the Internet and how businesses plan and structure their online presence.

It doesn't come cheaply. New applications for TLD will cost an estimated $185,000 according to ICANN's FAQ page. Also once approved there is an annual maintenance fee of $75,000.

A global campaign will begin soon be launched to raise awareness of new TLDs.  New applications will be accepted from January to April 12, 2012.