3.Create a new Upgrade Solution
Launch the Visual Basic Upgrade Companion and create a new
Upgrade Solution by clicking the option from the main toolbar. You can
also access this option using: File New
Upgrade Solution (Ctrl+N)
This command will open up a new window where you can specify the properties of the
new Upgrade Solution.
Select the source directory
Click on the “Browse” button next to the source directory,
and select the Source Folder
created in previous steps. All the projects contained inside the source folder
(including subdirectories) will be added to the
Upgrade Solution.

If the ASP Upgrade Companion is installed,
folders that contain asp files will be added to the upgrade solution as ASP projects.
The root folder of the ASP project is displayed in the Path column of the
main grid. The ASP project includes .asp files located at the root folder and its
subdirectories.
Select an output directory
Click on the “Browse” button next to the output directory textbox,
and select an empty output directory.

Include binary reference folders (optional)
You can optionally add directories where referenced components can be found. The
VBUM will try to resolve references automatically to components found in these folders.
By default, the source path is included in this section; it is recommended that
you leave this directory in the list. This folder list can be edited later on by
accessing the Upgrade Solution
properties window.
Now click OK to create the new Upgrade Solution.
You can always come back to the
Upgrade Solution properties using the File ->
Upgrade Solution Properties option from the main menu.
Select the Target Language and the Upgrade Profile (optional)
On the main window you can select the target language and the upgrade profile. Profiles
are used to enable or disable the available optional features. If no profile is
selected, the default options for the selected target language will be used.

See also:
Visual Basic Upgrade Companion Quick Start