It strongly carries the idea, "Is there anything else I can help you with?"
It does not have to refer to "business" in its strictly commercial sense, but it does imply transactions that are not entirely social. If someone phoned you to invite you to dinner, you would agree on the details of time and place, but you would not then ask if there was any more business.
You could say it (especially jokingly) to the newspaper delivery kid who gives you your bill, makes change, and accepts a tip.
You would say it to the manager of the Parking and Transportation Division who has called your office to get permission to buy new signs. After you finish with the details, you can say, "Is there any more business?" to mean "Is there any other issue or unresolved problem you'd like to discuss? Is there anything else I can help you with?"
Student or Learner