Depends on what you're trying to do. If you're growing up yeast from a slant or frozen sample, I usually let them go two days minimum for each step, as they're fairly big steps. If making a starter from a commercial vial/pack, 24 hrs usually does it.
At 500ml, I'm guessing you're either starting with a small amount of yeast, so you want to wait a while, or you're just trying to get the yeast active, so as little as 12 hrs should work.