The new title will have a controlled circulation of around 42,000 copies. Some 12,000 will be distributed on EuroStar first-class carriages and in 5-star hotels in London.
A further 30,000 copies will be sent out to targeted customers.
Spectator Business will run to around 130 pages, targeting advertising from airlines and car brands, management consultants and corporate groups.
Paul Woolfenden, group general manager of the Barclay brothers-owned title, would not be drawn on which advertisers the magazine had attracted, but said the clients on board would be similar to that of sister magazine The Spectator.
Spectator Business will be split into two sections, with the main "business" section making up two-thirds of the publication. The rest will be split between wealth management and investor sections.
The magazine will be edited by Martin Vander Weyer, The Spectator's business editor, and will feature contributions from CityAM editor Allister Heath and London Evening Standard columnist Neil Collins.
Paul Thomas, head of press at Mindshare, raised questions about the business model behind The Business.
He said: "The question is whether this is the last throw of the dice for The Business or is it a brand extension of the Spectator. If it is a brand extension then will the free model not undermine the title (the Spectator)?"
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