Thanks to copying applications you can save time on creating similar applications (eg. an base application as a template) or testing new functionalities, while maintaining the previous version. To copy an application, go to the object repository, and then click copying button from the menu of the selected application.
After clicking the copy button, enter application name - the name should be unique in the context of the rest of the objects in the repository.
Immediately after copying the application, it will be available in the repository objects.