Windows Service to query the database every 2 minutes

You need to create a service application, and have it install, for which you need a service installer, included in your application, Search for creating a system service vb.net.

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Instead of using a timer component you need to use a threading timer because the timer component on the service will not work,

system.threading.timer

You've already identified the solution - create a windows service. Go forth and code.