In order to deal with the heterogeneous systems and variety of business data, business model and description of different enterprises in the interoperation process, a semantic interoperability framework for business collaboration is proposed in this paper. In the framework, a multi-facet ontology system supporting business collaboration is introduced to give unified understanding throughout interoperation process. Based on the framework, a method to extract ontologies from multi sources quickly and to realize semantic mapping based on mixed ontologies is utilized to resolve the semantic conflicts. Web service is employed to eliminate the system-level heterogeneity and is semantically enhanced to meet the requirements of service discovery. After that, the on-demand business construction is achieved through services dynamic combination. Finally, a prototype platform is developed and the feasibility of our framework was verified. Our proposed framework provides beneficial references for SMEs to realize inter-enterprise business collaboration in China.