Yes, this is what happens in Singapore. There is a requirement to post job vacancies on a government job portal for a certain time before a company can apply for a work visa.
Many companies maintain ghost job vacancies just in case.
Nobody is qualified because the ad is written around a candidate they've already verbally hired.
It's a stupid song and dance. If people really want to be isolationist, they should crack down on it. If we really want freedom, drop the requirement. Until then it's just insulting to see a job posting that I know is for the brother of the guy who already works here, who is already promised the job.