Took me about a week to have it approved. You can submit your app for review. They can even review it and approve it, but if your contract is not approved it will sit at Pending Contract. Once that is done it goes to "Ready for sale".
There was some time for sure, but I can't tell how much since I wasnt really looking - like I said my app is stuck for other reason. It was definetely less than a week. I am registered as a company, FWIW.