Virginia Business Opportunity Bond Guide
If you’re selling business opportunities in Virginia, you’ll likely need this surety bond.
Bond Overview
- Purpose: To ensure business opportunity sellers uphold contracts and sales agreements
- Who Needs It: Individuals selling or promoting business opportunities
- Regulating Body: The State Corporation Commission
- Required Coverage: $50,000
- Premium Rate: 1–15% based on credit score
Learn all about the bond requirements and process in this guide.
What Is a Virginia Business Opportunity Bond?
A Virginia business opportunity bond guarantees a franchisor or business opportunity seller will follow laws and meet contract agreements. This protects potential buyers and the state from financial harm.
How Much Do Business Opportunity Bonds Cost in Virginia?
Virginia business opportunity bonds cost a small percentage of the bond amount, typically 1–15% based on credit score.
Exact rates vary based on personal credit score. Apply for your free quote now!
SuretyBonds.com offers the lowest available rates from our nationwide provider network with no added fees.
Who Needs a Business Opportunity Bond?
The State Corporation Commission requires this bond for business opportunity sellers to ensure they meet the financial requirements to uphold contractual obligations.
A business opportunity refers to a pre-arranged deal where a seller provides a buyer with products, equipment, supplies or services that allow the buyer to start a business.
How Do I Get My Bond?
SuretyBonds.com provides the fastest and easiest way to get a Virginia business opportunity bond. Just follow these quick steps:
- Apply: Submit an online quote request form
- Quote: Receive your quote within one day
- Sign: Complete the indemnity agreement
- Buy: Purchase the bond online 24/7
We’ll email you the bond shortly after purchase. Be sure to file the bond with the State Corporation Commission as instructed.
If you have any questions, call our friendly surety experts at 1 (800) 308-4358 for assistance.
How Does a Virginia Business Opportunity Bond Work?
As with all surety bonds, a business opportunity bond creates a legal contract between three parties:
- Principal: You, the business opportunity seller filing the bond
- Obligee: The State Corporation Commission requiring the bond
- Surety: The provider issuing the bond
This holds you financially responsible for upholding all provisions of Virginia’s Business Opportunity Sales Act.
If you break the bond terms, harmed clients can file claims. The surety will pay valid claims up to the bond amount, but you are ultimately responsible for refunding the surety.
How Do I Renew My Bond?
These bonds expire annually. To renew your business opportunity bond, simply pay your renewal invoice when prompted.
We’ll begin contacting you by phone and email 90 days before the expiration date.
