How to create independent Paid Apple Watch App?

I have an iOS App in the App Store using iCloud and it is for free Now I would like to create independent Apple Watch App with similar functionality as an iOS App using the same iCloud container and its data. Apple Watch app is to be a paid app. How can I accomplish that? Should I create another app in appstoreconnect.apple.com or can I use the same app as it is for iOS app already? Should I create separated xcode project and which option should I select then... or... should I create another target and what option should I select then?