I'm confused. You seem to be using two different locations: /business-profile and /business.
I think if you really meant for it to be /business, then try:
location /business {
rewrite ^/business/([^/]*)/([^/]*)$ /business/?id=$1 last;
}
I think if you really meant for it to be /business, then try:
location /business {
rewrite ^/business/([^/]*)/([^/]*)$ /business/?id=$1 last;
}