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Shape Control with Transparent BackStyle
If one of the constituent controls on the UserControl is a Shape whose BackStyle property has also been set to Transparent, Visual Basic will clip around the shape. This allows your control to appear to be circular, for example. Mouse clicks that fall on the transparent background will be passed through to the container.
You can draw on the visible surface of the Shape control using the graphics methods of the UserControl object, such as Line, Circle, and PaintPicture. Visual Basic will clip the drawing to the visible part of the Shape control.
Note Drawing should not be done in the Paint event, because the Shape control draws after the Paint event, and thus will obscure your drawing.
Bitmaps with Transparent Backgrounds
If you assign a bitmap to the UserControl’s MaskPicture property, and set the MaskColor property of the UserControl equal to the background color of the bitmap, Visual Basic will clip around the parts of the bitmap that are not equal to the MaskColor — even if those parts are not contiguous.
As with the Shape control, you can draw on the bitmap. Visual Basic will clip your drawing to the visible parts of the bitmap.
Note This feature is supported for image-type bitmaps, such as GIF, JPEG, and DIB. It is not supported for Windows metafiles, icons, or cursors.
Labels with Transparent BackStyle
If one of the constituent controls on the UserControl is a Label whose BackStyle property has also been set to Transparent, and whose Font property specifies a TrueType font, Visual Basic will clip around the font. In addition, mouse clicks that fall in the spaces between letters will be passed through to the container.
So make your form transparent around the controls and Labels..