You can only create a new project from a working copy if no project file ("ProjectName.pro") is in the same folder where the working copy folder "ProjectName.vcf" is stored.
Version control is automatically activated for the new project.
Project > New > From working copy...
Select the "Project.asc" file from the working copy folder "ProjectName.vcf"
Control FPWIN Pro7 creates an empty project and imports all project settings from the working copy.