If you want feedback on the idea, I wouldn't bother with an approval system. Just let people make businesses, and deal with problem users as they come, don't make legitimate players wait because of potential problem users.
Perhaps a requirement like x amount of playtime before you can start your own business, that would form a barrier to entry that someone who just wants to cause problems will likely not be willing to work for. Or, since starting a business should require a significant capitol investment, just leave that as the barrier.
Then until either of those are met, players can just work for other people