The growing adoption of Electric Vehicles (EVs) presents challenges for the power grid, especially in meeting the peak demand without overloading the power system. Conventional grid reinforcement strategies are often costly and time-consuming, making them insufficient to address increased energy demand from simultaneous EV charging. However, when effectively managed, EV charging can be a flexible resource supporting grid stability and balance. To efficiently use this flexibility, business models play a crucial role in organising and incentivising market participation, yet the interaction between market players and grid integration remains underexplored. This article presents an extended and systematic review of over 100 state-of-the-art studies on business models for EV charging under grid limitations, presenting the most comprehensive analysis to date. Unlike the previous studies that primarily focus on technical EV-grid integration, this study combines technical and market-based solutions, focusing on the European electricity market and stakeholder perspectives. Moreover, the study identifies research gaps and proposes recommendations to improve or develop new business models for more efficient use of EV flexibility. The findings offer valuable insights for researchers, industry players, policymakers, and other actors aiming to improve the efficient usage of EV charging flexibility.