How To Make Transparent User Control

I did some research on how to make transparent User Control, The suggested code was like this:
Private Sub New()
' This call is required by the Windows Form Designer.
InitializeComponent()
' Add any initialization after the InitializeComponent() call.
Me.SetStyle(ControlStyles.SupportsTransparentBackColor, True)
Me.BackColor = Color.Transparent
UpdateStyles()
End Sub

When I build the project, there is no errors. But, When I try to load my user control using the "Choose ToolBox Items" dialog, it gives me the following error message:
"There is no components in [dll path] that can be placed on the toolbox."