Building German raiders through neutral shipyards

Could Germany use shell companies in neutral countries to build ships secretly before the Second World War?

Only plausibly as fast merchant hulls later converted into surface raiders, not as warships hidden in plain sight.

British or American intelligence would notice neutral shell companies ordering recognizable warships for Germany. Fast merchant ships or liner-like hulls would be easier to disguise as commercial construction. Germany could then move them to a friendly or influenced port, perhaps in Japan, for armament and military fitting. German crews could take over after conversion and employ the ships as surface raiders. The workable deception therefore hides a merchant hull and its intended use, not the construction of an obvious cruiser.