Name applications can usually be processed within 1 hour.
The registry does experience some very busy periods when it can take 2 or 3 hours, but this is not the norm. Do note that it is up to the Registry to approve or reject names. They can also ask for more information about made up words, acronyms and foreign language sounding words (those not in English or French), which can slow down the name application process because we would have to ask you for more information.
If it is critically important that a company is available within a limited time frame, a ready-made company may be the smarter option.