Yup, they do. I was working on the marketing/social media aspect for my friend's restaurant that opened up middle of last year. Anyone can create a yelp page for a particular business, but when you do decide to claim it or to add any additional facts, Yelp does call up to verify that they are in fact that particular business. They also do try and upsell you to pay for more advertising and such (not really needed). After the business is verified it will take about two weeks or so for them to send you a yelp sticker.
Also if you post up the info in the morning and create that page, you will definitely hear from them within a few hours, so stand near your phone or have the business owner be ready in expecting a call