Business set-up with graduate function (9)
I believe the answer is:
rigmarole
'business' is the definition.
(I have seen 'Complicated business' mean 'rigmarole' so perhaps 'business' could also mean 'rigmarole')
'set-up with graduate function' is the wordplay.
'set-up' becomes 'rig' (I've seen this before).
'with' means one lot of letters go next to another.
'graduate' becomes 'MA' (abbreviation for Master of Arts).
'function' becomes 'role' (synonyms).
'rig'+'ma'+'role'='RIGMAROLE'
(Other definitions for rigmarole that I've seen before include "Elaborate procedure" , "boring series" , "Complicated procedure, nonsense" , "Tedious procedure" , "Long, complex stuff" .)